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Tax Subsidies to Owner-Occupied Housing: An Asset-Market Approach
Open accessAbstract
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.
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Cited by
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Knoll, K., Schularick, M., & Steger, T. (2017) · American Economic Review · doi:10.1257/aer.20150501 · Cited by 467
The Transition to Home Ownership and the Black-White Wealth Gap
Charles, K. K., & Hurst, E. (2002) · Review of Economics and Statistics · doi:10.1162/003465302317411532 · Cited by 304
Interpreting pre-trends as anticipation: Impact on estimated treatment effects from tort reform
Malani, A., & Reif, J. (2015) · Journal of Public Economics · doi:10.1016/j.jpubeco.2015.01.001 · Cited by 178
When homes earn more than jobs: the rentierization of the Australian housing market
Ryan-Collins, J., & Murray, C. (2023) · Housing Studies · doi:10.1080/02673037.2021.2004091 · Cited by 56
House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data
Gorea, D., Kryvtsov, O., & Kudlyak, M. (2022) · doi:10.2139/ssrn.4188292 · Cited by 15
Metadata
- Authors
- Poterba, J. M.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1984-11
- Volume
- 99
- Issue
- 4
- Pages
- 729
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W2052115379
- Cited by
- 1,268
- References
- 0
- FWCI
- 9.05
- Type
- journal article
- Language
- en
- Open access
- green
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
