Energy Tax Credits and Residential Conservation Investment: Evidence from Panel Data (with Kevin Hassett)
利用个人纳税申报面板数据和各州税收政策差异，研究发现控制不可观测的异质性后，税收价格变动对住宅节能投资概率有显著影响。
Using panel data on individual tax returns and variat ion in state tax policy, we measure the impact of government tax policies to encourage residential conservat ion inves tment on the probabili ty of making these investments. Unl ike previous work, we account for unobserved heterogenei ty in tastes for energy-saving activities and its possible correlat ion with tax policy at the state level. We find that controll ing for unobserved heterogenei ty is very important . Based on our preferred point est imate of the tax price coefficient, a 10 percentage point change in the tax price for energy inves tment would lead to a 24 percent increase in the probabili ty of making an investment .