Tax Subsidies to Owner-Occupied Housing: An Asset-Market Approach
构建住房资产市场模型，估计预期通胀率变化如何影响实际房价和住房资本存量均衡规模。模拟表明1970年代通胀加速可解释实际房价高达30%的上涨，持续高通胀最终会导致自住住房存量显著增加。
Inflation reduces the effective cost of homeownership and raises the tax subsidy to owner occupation. This paper presents an asset-market model of the housing market and estimates how changes in the expected inflation rate affect the real price of houses and the equilibrium size of the housing capital stock. Simulation results suggest that the accelerating inflation of the 1970s, which substantially reduced homeowners' user costs, could have accounted for as much as a 30 percent increase in real house prices. Persistent high inflation rates could lead ultimately to a sizable increase in the stock of owner-occupied housing.