Government intervention in the housing market: Who wins, who loses?

被引:55
|
作者
Floetotto, Max [1 ]
Kirker, Michael [2 ]
Stroebel, Johannes [3 ,4 ,5 ]
机构
[1] McKinsey, Munich, Germany
[2] Univ Chicago, Chicago, IL 60637 USA
[3] NYU, New York, NY 10003 USA
[4] CEPR, London, England
[5] NBER, Cambridge, MA 02138 USA
关键词
Housing; Mortgage interest deduction; Homebuyer tax credit; Welfare; MORTGAGE INTEREST; HOMEOWNERSHIP; BENEFITS; TAXATION; INCOME;
D O I
10.1016/j.jmoneco.2016.04.005
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Many U.S. government policies aim to encourage homeownership. We use a general equilibrium model with heterogeneous agents to consider the effects of temporary homebuyer tax credits and the asymmetric tax treatment of owner-occupied and rental housing on prices, quantities, allocations, and welfare. The model suggests that home buyer tax credits temporarily raise house prices and transaction volumes, but have negative effects on welfare. Removing the asymmetric tax treatment of owner-occupied and rental housing can generate welfare gains for a majority of agents across steady states, but welfare impacts are substantially more varied along the transitions between steady states. (C) 2016 Elsevier B.V. All rights reserved.
引用
收藏
页码:106 / 123
页数:18
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