Inflation, Risk, Taxes, and the Demand for Owner-Occupied Housing
构建投资组合选择模型，分析1970年代住房需求中的通胀对冲动机，发现即使考虑税收和抵押贷款效应，对冲动机仍显著推高房价，并指出此前研究可能高估了通胀的税收效应。
A bstract-A portfolio choice model is formulated which focuses on the possibility of inflation hedging motives in housing demand in the 1970s. An asset demand equation is used to estimate the capitalization of inflation expectations into house prices through tax, mortgage, and hedging effects. The empirical results indicate that, even after accounting for tax and mortgage effects, the hedging motive was significant in bidding up house prices. One implication is that the tax effects of inflation may have been overstated in previous research that ignored inflation risk.