The Allocation of Capital Between Residential and Nonresidential Uses: Taxes, Inflation and Capital Market Constraints
构建了一个两部门模型，模拟经济增长和通胀上升对住房与企业资本需求的影响，揭示了税收偏向住房以及1965-1978年间通胀加剧这一偏向的机制，并指出资本市场约束虽抵消了对企业资本的偏见，却导致住房从受约束的较不富裕家庭向不受约束的富裕家庭低效再配置。
ABSTRACT We have constructed a simple two‐sector model of the demand for housing and corporate capital. Economic growth and an increase in the inflation rate were then simulated with a number of model variants. The model and simulation experiments illustrate both the tax bias in favor of housing and the manner in which the increase in inflation between 1965 and 1978 magnified it. The existence of capital‐market constraints offsets the bias against corporate capital, but it introduces a sharp, inefficient reallocation of housing from less wealthy, constrained households to wealthy households who do not have gains on mortgages and are not financially constrained.