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Homeownership and Public Housing Policy

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  • Matt Chambers
  • Carlos Garriga

Abstract

Housing economists have questioned whether current US tax and government mortgage policy actually fosters homeownership. In this paper we examine this question interms of a dynamic general equilibrium model with heterogeneous agents. The model allows households to make saving and shelter decisions. Households decide whether to rent or purchase (or sell). The owner and rental price of shelter are determined in separate markets. The supply of both private rental shelter and owneroccupied shelter is endogenously determined. The model is solved numerically and accounts for many of the observed shelter patterns and ownership rates observed in the United States. The model is then used to examine current tax policy and government mortgage policy

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number 157.

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Date of creation: 2004
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Handle: RePEc:red:sed004:157

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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
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Web page: http://www.EconomicDynamics.org/society.htm
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Related research

Keywords: Housing; Dynamic heterogeneous agent model;

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Cited by:
  1. Leung, Charles, 2004. "Macroeconomics and housing: a review of the literature," Journal of Housing Economics, Elsevier, vol. 13(4), pages 249-267, December.

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