Abstract: By introducing credit constraints from family and enterprise sectors into a DSGE model involving enterprises, banks and households, this paper studies the impact of mortgage rate shocks in different sectors on China′s economic fluctuations, and the impact of technology shocks on economic fluctuations under different levels of mortgage rates.The results show that the positive impact of home mortgage rate has a positive impact on the loan, consumption, housing demand and housing price of borrowing households, and has a negative impact on the housing demand of investment, output and saving households.The positive impact of enterprise loan mortgage rate has a positive impact on enterprise loans, investment, output, wages, labor supply and consumption of two types of households. In the face of the same technological shocks, under the higher mortgage rate of household mortgages, consumption has increased significantly, while output, investment and housing prices have increased slightly.In the face of the same technological shocks, under the higher mortgage rate of corporate loans, the increase of output, investment and consumption is larger, while the increase of house prices is smaller.Based on the above conclusions, we should pay close attention to the abnormal growth of household loans, be vigilant about the impact of changes in household mortgage leverage on economic fluctuations, differentiate credit mortgage policy, guide more funds to people′s livelihood, and promote the optimal allocation of resources.

Key words: home mortgage rate, enterprise mortgage rate, DSGE model, economic fluctuation