THE IMPLICATIONS OF HOUSING FOR THE DESIGN OF WEALTH TAXES
研究了住房作为重要家庭资产如何影响最优财富税的设计，发现对资本和住房同等征税会恶化资本配置并降低福利，而累进税制并豁免大部分住房可带来高福利收益。
Abstract How does housing—an important asset for many households—affect the design of optimal wealth taxes? I analyze the macroeconomic and distributional consequences of wealth taxation using a model with two forms of wealth: capital used by entrepreneurs to produce goods, and housing that provides shelter services. Without housing, taxing wealth instead of capital income would improve the capital allocation and raise welfare. With housing, taxing capital and housing equally would worsen the capital allocation and lower welfare. Instead, wealth should be taxed progressively, exempting most housing, resulting in a worse capital allocation but high welfare gains.