Does Energy Consumption Drive Housing Sales in China?&br/&—Based on an Optimal Dynamic General Equilibrium Model and Spatial Panel Data Analysis

摘要

This paper examines the housing sales in China from 2004 to 2015 utilizing an optimal dynamic general equilibrium theoretical framework combined with a macroeconomic model. The spatial panel econometric empirical results suggest that energy consumption has increased housing sales in China. However, since house is considered as a special commodity in China, and housing prices show positive impacts on housing sales.