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从消费品角度或资本品角度均可以对“合理房价水平”的进行判断,且有各自独立的分析逻辑。一般情况下“合理房价水平”隐含着将住房作为单纯消费品的假设前提,而在现实中,住房的资本品特性十分突出,因此两种情况下的“合理房价水平”差距非常明显。以“房价收入比”、“住房可支付性指数”和“租售比”等指标判定合理房价,在实践层面情况非常复杂,有时也容易指示失灵。在中长期,关注住房价格形成机制,比关注合理房价判断,对宏观调控目标与手段的选择更具有参考意义。
From the perspective of consumer goods or capital goods can be “reasonable price level ” to judge, and have their own independent analysis logic. Under normal circumstances “reasonable price level ” implies the premise of the housing as a pure consumer goods, and in reality, the characteristics of capital goods in housing is very prominent, so the two cases obvious. To “price-income ratio ”, “housing affordability index ” and “rent ” and other indicators to determine reasonable prices, in practice the situation is very complicated, and sometimes easy to indicate failure. In the medium and long term, paying attention to the formation mechanism of housing prices is more relevant for the selection of the objectives and means of macroeconomic regulation than about judging reasonable housing prices.