The Effects of Anticipated Inflation on Housing Market Equilibrium
研究预期通胀率上升如何通过非指数化税制扭曲住房市场，发现通胀增加会降低房主税后资本成本、推高房价，但对租赁住房的税收优惠更大，导致实际租金下降。
ABSTRACT An increase in the anticipated rate of inflation causes distortions in the housing market due to a nonindexed tax system. Since nominal rather than real interest payments are tax deductible, an increase in inflation decreases the aftertax cost of capital for homeowners, which in turn increases the demand for housing and increases its real price. This tax gain is shown to be larger for rental housing than for owner‐occupied housing. In a competitive market, this implies that although the real price of housing increases with a rise in anticipated inflation, real rental rates fall.