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Inflation, Portfolio Choice, and the Price of Land and Corporate Stock

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  • Martin Feldstein

Abstract

This paper presents an explicit model of portfolio demand and uses it to show how the rate of inflation and its variances affect the real prices of land and of common stock. The analysis is thus an extension of two of the author's earlier papers which studied how the interaction of inflation and tax rules alter the real prices of land and stock. The analysis shows the importance of going beyond the traditional assumption that net—of—tax yields are equated for all assets.

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File URL: http://www.nber.org/papers/w0526.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0526.

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Date of creation: Jan 1981
Date of revision:
Handle: RePEc:nbr:nberwo:0526

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Cited by:
  1. Juliano Junqueira Assunção & Humberto Moreira, 2005. "Land taxes in a Latin American context," Textos para discussão 497, Department of Economics PUC-Rio (Brazil).
  2. Eric M. Engen & William G. Gale & John Karl Scholz, 1996. "The Illusory Effects of Saving Incentives on Saving," Journal of Economic Perspectives, American Economic Association, vol. 10(4), pages 113-138, Fall.
  3. Eric M. Engen & William G. Gale & John Karl Scholz, 1996. "The Effects of Tax-Based Saving Incentives On Saving and Wealth," NBER Working Papers 5759, National Bureau of Economic Research, Inc.
  4. Eric M. Engen & William G. Gale, 2000. "The Effects of 401(k) Plans on Household Wealth: Differences Across Earnings Groups," NBER Working Papers 8032, National Bureau of Economic Research, Inc.

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