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A General Equilibrium Model of Housing, Taxes, and Portfolio Choice

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Author Info
Berkovec, James
Fullerton, Don

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Abstract

The authors describe a model in which rental and owner housing are risky assets, tenure choice is endogenous, and each household is constrained to consume the same amount of owner housing that it has in its investment portfolio. Equilibrium net rates of return are major determinants of the amount of owner housing, but a logit model indicates that demographic factors are the main determinants of ownership rates. In their simulation, taxes on owner housing would raise welfare not only by reallocating capital but also by the government's taking part of the risk from individual properties and diversifying it away. Copyright 1992 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 100 (1992)
Issue (Month): 2 (April)
Pages: 390-429
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Handle: RePEc:ucp:jpolec:v:100:y:1992:i:2:p:390-429

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Don Fullerton & Andrew B. Lyon, 1989. "Tax Neutrality and Intangible Capital," NBER Working Papers 2430, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Gordon, Roger H & Slemrod, Joel, 1983. " A General Equilibrium Simulation Study of Subsidies to Municipal Expenditures," Journal of Finance, American Finance Association, vol. 38(2), pages 585-94, May. [Downloadable!] (restricted)
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  3. Joel Slemrod, 1982. "Tax Effects on the Allocation of Capital Among Sectors and Among Individuals: A Portfolio Approach," NBER Working Papers 0951, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. James M. Poterba, 1983. "Tax Subsidies to Owner-occupied Housing: An Asset Market Approach," Working papers 339, Massachusetts Institute of Technology (MIT), Department of Economics.
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  5. James Berkovec & Don Fullerton, 1989. "The General Equilibrium Effects of Inflation on Housing Consumption and Investment," NBER Working Papers 2826, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Joel Slemrod, 1984. "A General Equilibrium Model of Taxation That Uses Micro-Unit Data: Withan Application to the Impact of Instituting a Flat-Rate Income Tax," NBER Working Papers 1461, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Lawrence H. Summers, 1981. "Inflation, the Stock Market, and Owner-Occupied Housing," NBER Working Papers 0606, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Patric H. Hendershott & Sheng Cheng Hu, 1983. "The Allocation of Capital Between Residential and Nonresidential Uses: Taxes, Inflation and Capital Market Constraints," NBER Working Papers 0718, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Charles L. Ballard & Don Fullerton & John B. Shoven & John Whalley, 1985. "Replacing the Personal Income Tax with a Progressive Consumption Tax," NBER Chapters, in: A General Equilibrium Model for Tax Policy Evaluation, pages 171-187 National Bureau of Economic Research, Inc. [Downloadable!]
  10. Hendershott, Patric H & Hu, Sheng Cheng, 1983. " The Allocation of Capital between Residential and Nonresidential Uses: Taxes, Inflation and Capital Market Constraints," Journal of Finance, American Finance Association, vol. 38(3), pages 795-812, June. [Downloadable!] (restricted)
  11. Jeremy I. Bulow & Lawrence H. Summers, 1984. "The Taxation of Risky Assets," NBER Working Papers 0897, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Gordon, Roger H, 1985. "Taxation of Corporate Capital Income: Tax Revenues versus Tax Distortions," The Quarterly Journal of Economics, MIT Press, vol. 100(1), pages 1-27, February.
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