| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11054 |
| 来源ID | Working Paper 11054 |
| Interest Rate, Inflation, and Housing Price: With an Emphasis on Chonsei Price in Korea | |
| Dongchul Cho | |
| 发表日期 | 2005-01-17 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper discusses the relationship between interest rate and inflation rate on one part and the house price relative to chonsei price (up-front lump-sum deposit from the tenant to the owner for the use of the property with no additional requirement for periodic rent payments) on the other. The key point of the paper is that the relative price of sales to chonsei depends on the ratio of inflation to real interest rate, and thus even when the monetary authority maintains a pre-announced target level of inflation rate, the relative price of sales to chonsei rises if the real interest rate is lowered. This finding seems to help understand the recent hikes of the house prices despite the stabilizing chonsei prices. Recognizing this relationship, it may be sensible to lower the target inflation rate in an economy where real interest rates permanently decline, if the society wishes to reduce its adverse effect on the wealth distribution between house owners and chonsei tenants. |
| 主题 | Regional and Urban Economics ; Macroeconomics ; Money and Interest Rates ; Macroeconomic Models |
| URL | https://www.nber.org/papers/w11054 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568689 |
| 推荐引用方式 GB/T 7714 | Dongchul Cho. Interest Rate, Inflation, and Housing Price: With an Emphasis on Chonsei Price in Korea. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11054.pdf（282KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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