Housing and Tax Policy
用一个动态一般均衡模型分析住房相关税收政策对宏观经济的影响，发现所有政策都导致产出损失，其中减少抵押贷款利息扣除最能有效增加税收收入，而减少租金收入折旧扣除效果最差。
This paper investigates the effects of housing‐related tax policy measures on macroeconomic aggregates using a dynamic general‐equilibrium model featuring borrowing and lending across heterogeneous households, financial frictions in the form of collateral constraints tied to house prices, and a rental housing market alongside owner‐occupied housing. We analyze the effects of various tax policies and find that they all lead to significant output losses, with large long‐run tax multipliers of around 2. Among them, reducing the mortgage interest deduction is the most effective in raising tax revenue per unit of output lost, whereas reducing the depreciation allowance for rental income is the least effective.