标题： 流动性冲击、住房拥有权和收入不平等：早期养老金提取和存款减少的影响 显示英文标题

标题： Liquidity Shocks, Homeownership, and Income Inequality: Impact of Early Pension Withdrawals and Reduced Deposit

摘要： 本文分析了两种影响住房需求的政府政策：提前提取养老金储蓄（EW）和降低贷款存款（RD）。 一个结合需求对房价反馈的模型，使用澳大利亚数据表明这两种政策在短期内都会推高房价。 RD会延迟或阻止低收入家庭获得住房，尤其是在供应受限的市场中。 EW提高了各群体的可及性，当允许全额提取时最有效，但如果养老金增长快于房价，可能会降低退休保障。 研究结果还表明，不平等的结果并非源于价格飙升本身，而是源于既有的市场差异。 显示英文摘要

摘要： The paper analyzes two government policies affecting housing demand: early withdrawal from pension savings (EW), and reduction of loan deposit (RD). A model incorporating demand feedback on housing prices using Australian data shows both policies raise prices in the short run. RD delays or prevents access for low-income households, particularly in supply-constrained markets. EW improves accessibility across groups and is most efficient when full withdrawal is permitted, but can reduce retirement security if pension grows faster than property prices. The results also indicate that unequal outcomes stem not from price surges themselves but from pre-existing market disparities.