题目:  Housing Privatization as Intergenerational Redistribution

主讲人：Kaiji Chen（Emory University）

时间：2025年5月16日 10:30-12:00

地点：承泽园132阶梯教室

摘要：This paper argues that in economies with temporary fast-growing wage incomes, housing purchase subsidy to initial cohorts serves

as an effective tool of redistribution from the future towards current generations.  Using China's housing reforms in the 1990s as a policy experiment, we show quantitatively that housing purchase subsidies to cohorts entering the labor market before 1994 increased substantially their homeowner rates in the initial years, which later on allowed them to enjoy the capital gain from selling their houses to future generations.  Our welfare analysis suggests that, despite welfare loss for cohorts born in the 1980s, housing purchase subsidy is more desirable for future generations than alternative social security reforms as an intergenerational transfer scheme, as the latter involves high social security tax burdens for those generations experiencing a slowdown in wage growth.

个人简介：Kaiji Chen is Professor of Economics at Emory University and Fellow of Asian Bureau of Financial and Economic Research. He is an associate editor of International Economic Review and China Economic Review. His main research fields are macroeconomics and financial economics. In recently years, his research has focused on China’s macroeconomy, including Chinese housing bubbles, shadow banking and monetary policies, and trends and cycles in China’s macroeconomy. He has published in leading economic journals such as American Economic Review, Journal of Finance, NBER Macroeconomic Annual, American Economic Journal: Macroeconomy, and Journal of Monetary Economics. His research was cited by major media, such as Financial Times, Bloomberg, The Economists and Wall Street Journal. As the principal investigator, he was awarded in 2016 National Science Foundation (NSF) grant for his research project “Quantifying the Interactions between the Financial Sector and the Macroeconomy in China: A structural Approach”. His paper “The Great Housing Boom of China,” was awarded the 3rd Sun Yefang Financial Innovation Award in 2018.

陈凯迹现任美国埃默里大学（Emory University）终身教授和亚洲金融经济研究局研究员。并担任International Economic Review 和China Economic Review副主编， 主要研究领域为宏观经济学，金融经济学和中国宏观经济问题。目前已经在American Economic Review, Journal of Finance, NBER Macroeconomic Annual, American Economic Journal: Macroeconomy, Journal of Monetary Economics等国际顶级学术期刊发表论文多篇。近年来，他的研究集中于中国宏观经济，特别是其和金融部门和货币政策的关系，研究课题包括中国房地产泡沫，影子银行和货币政策，经济周期和趋势等。其研究成果被《华尔街日报》和《金融时报》在内的多家国际财经媒体所报道。作为主要课题负责人，他的研究项目“量化中国金融部门和宏观经济的相互关系：结构性方法”于2016年获得美国国家科学基金会（National Science Foundation）的项目资助。2018年获得第三届孙冶方金融创新奖。