Abstract: According to the financial accelerator theory, fluctuations in real estate prices will have accelerated effects on the Macroeconomy.This paper sets up a general equilibrium model with a financial accelerator mechanism, by simulating the exogenous technological impact on the real estate market, and by comparing the situation without a financial accelerator, we verifies that changes in house prices do have accelerated effects on the Macroeconomy in our country, then, we make a specific analysis of accelerated effect of real estate market on the Macroeconomy.

Key words: technology shock, credit constraint, real estate market, financial accelerator effect