Abstract: This paper investigates the transmission mechanism and coordination effect of housing credit and real estate tax regulation policies by embedding financial friction and dynamic real estate tax rules in a dynamic stochastic general equilibrium model involving heterogeneous consumers.The conclusions are as follows: Firstly, the difference in transmission mechanism leads to different effects of the two types of policies on the actual housing price: when the monetary policy shock occurs, the housing credit policy has a better effect on the actual housing price, and when the housing preference shock occurs, the real estate tax policy is more effective in suppressing the actual high housing prices.Secondly, both housing credit and real estate tax policies can reduce the increase of real estate prices, but in terms of the persistence of policy regulation, the real estate tax policy is superior to the housing credit policy.Thirdly, a reasonable combination of housing credit and real estate tax policies can reduce the total social welfare losses.

Keywords: housing credit policy; real estate tax; housing price dynamics; coordination effect