本文揭示了收入差距的扩大会直接引起住房价格的上升。文章在理论上阐明了收入差距推高房价的经济作用机制,并实证检验了模型预测及其作用机制与现实数据的高度一致性。结果表明,收入不平等每上升一个标准差,相对住房单位面积价格上升0.07—0.09个标准差;绝对住房单位面积价格上升34—47元。并且在住房市场竞争越弱的省份,收入不平等对住房价格的推动作用就越强。本文的结论表明收入分配改革不仅能促进社会公平,还能抑制房价上涨。
This paper demonstrates that increasing inequality leads to higher housing price.Building on a sequential decision model,we elaborate the economic mechanism through which inequality promotes housing price.We then empirically test the consistency of the model's prediction.The results indicate that one standard deviation increase in inequality willraise the relative housing price by 0.07—0.09 standard deviation,and absolute housing price by 34—47RMB.Furthermore,the impact is stronger in provinces with lower level of housing market competition.Our study highlights that the reform of income distribution system will not only facilitates social equity,but also restrain the increase of housing price.