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

• 成果类型: Article
• 署名作者: Floetotto, Max; Kirker, Michael; Stroebel, Johannes
• 署名单位: University of Chicago; New York University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2016.04.005
• 发表日期: 2016
• 页码: 106-123
• 关键词: housing; Mortgage interest deduction; Homebuyer tax credit; welfare

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.