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Net wealth, marginal tax rates and the demand for home mortgage debt

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  • Jones, Lawrence D.

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  • Jones, Lawrence D., 1995. "Net wealth, marginal tax rates and the demand for home mortgage debt," Regional Science and Urban Economics, Elsevier, vol. 25(3), pages 297-322, June.
  • Handle: RePEc:eee:regeco:v:25:y:1995:i:3:p:297-322
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    1. Agell, Jonas & Edin, Per-Anders, 1990. " Marginal Taxes and the Asset Portfolios of Swedish Households," Scandinavian Journal of Economics, Wiley Blackwell, vol. 92(1), pages 47-64.
    2. Jones, Lawrence D, 1990. "Current Wealth Constraints on the Housing Demand of Young Owners," The Review of Economics and Statistics, MIT Press, vol. 72(3), pages 424-432, August.
    3. Jones, Lawrence D, 1994. "Home Mortgage Debt Financing of Nonhousing Investments," The Journal of Real Estate Finance and Economics, Springer, vol. 9(2), pages 91-112, September.
    4. Ranney, Susan I, 1981. "The Future Price of Houses, Mortgage Market Conditions, and the Returns to Homeownership," American Economic Review, American Economic Association, vol. 71(3), pages 323-333, June.
    5. Grossman, Sanford J & Laroque, Guy, 1990. "Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods," Econometrica, Econometric Society, vol. 58(1), pages 25-51, January.
    6. Mayshar, Joram, 1979. "Transaction Costs in a Model of Capital Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 87(4), pages 673-700, August.
    7. Ioannides, Yannis M., 1989. "Housing, other real estate, and wealth portfolios : An empirical investigation based on the 1983 Survey of Consumer Finances," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 259-280, May.
    8. Duca John V. & Rosenthal Stuart S., 1993. "Borrowing Constraints, Household Debt, and Racial Discrimination in Loan Markets," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 77-103, October.
    9. Glenn B. Canner & Thomas A. Durkin & Charles A. Luckett, 1990. "Mortgage refinancing," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Aug, pages 604-612.
    10. Giliberto, S Michael & Thibodeau, Thomas G, 1989. "Modeling Conventional Residential Mortgage Refinancings," The Journal of Real Estate Finance and Economics, Springer, vol. 2(4), pages 285-299, December.
    11. Agnar Sandmo, 1977. "Portfolio Theory, Asset Demand and Taxation: Comparative Statics with Many Assets," Review of Economic Studies, Oxford University Press, vol. 44(2), pages 369-379.
    12. Leape, Jonathan I., 1987. "Taxes and transaction costs in asset market equilibrium," Journal of Public Economics, Elsevier, vol. 33(1), pages 1-20, June.
    13. Artle, Roland & Varaiya, Pravin, 1978. "Life cycle consumption and homeownership," Journal of Economic Theory, Elsevier, vol. 18(1), pages 38-58, June.
    14. Goodman, Allen C. & Kawai, Masahiro, 1982. "Permanent income, hedonic prices, and demand for housing: New evidence," Journal of Urban Economics, Elsevier, vol. 12(2), pages 214-237, September.
    15. Duca, John V & Rosenthal, Stuart S, 1994. "Do Mortgage Rates Vary Based on Household Default Characteristics? Evidence on Rate Sorting and Credit Rationing," The Journal of Real Estate Finance and Economics, Springer, vol. 8(2), pages 99-113, March.
    16. R. S. Uhler & J. G. Cragg, 1971. "The Structure of the Asset Portfolios of Households," Review of Economic Studies, Oxford University Press, vol. 38(3), pages 341-357.
    17. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
    18. Manchester, Joyce M. & Poterba, James M., 1989. "Second mortgages and household saving," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 325-346, May.
    19. Hubbard, Robert Glenn, 1985. "Personal Taxation, Pension Wealth, and Portfolio Composition," The Review of Economics and Statistics, MIT Press, vol. 67(1), pages 53-60, February.
    20. Plaut, Steven E., 1987. "The timing of housing tenure transition," Journal of Urban Economics, Elsevier, vol. 21(3), pages 312-322, May.
    21. Feldstein, Martin S, 1976. "Personal Taxation and Portfolio Composition: An Econometric Analysis," Econometrica, Econometric Society, vol. 44(4), pages 631-650, July.
    22. Mervyn A. King & Jonathan I. Leape, 1984. "Wealth and Portfolio Composition: Theory and Evidence," NBER Working Papers 1468, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Hochguertel, Stefan & van Soest, Arthur, 2001. "The Relation between Financial and Housing Wealth: Evidence from Dutch Households," Journal of Urban Economics, Elsevier, vol. 49(2), pages 374-403, March.
    2. Ling, David C. & McGill, Gary A., 1998. "Evidence on the Demand for Mortgage Debt by Owner-Occupants," Journal of Urban Economics, Elsevier, vol. 44(3), pages 391-414, November.
    3. Josep Maria Raya & Aleksander Kucel, 2016. "Did Housing Taxation Contribute to Increase Riskier Borrowing?," The Journal of Real Estate Finance and Economics, Springer, vol. 53(1), pages 90-113, July.
    4. James M. Poterba & Todd M. Sinai, 2008. "Income Tax Provisions Affecting Owner-Occupied Housing: Revenue Costs and Incentive Effects," NBER Working Papers 14253, National Bureau of Economic Research, Inc.
    5. Perraudin, William R. M. & Sorensen, Bent E., 2000. "The demand for risky assets: Sample selection and household portfolios," Journal of Econometrics, Elsevier, vol. 97(1), pages 117-144, July.
    6. Saarimaa, Tuukka, 2005. "Taxation and Debt Financing of Home Acquisition: Evidence from the Finnish 1993 Tax Reform," Discussion Papers 366, VATT Institute for Economic Research.
    7. Poterba, James M. & Sinai, Todd, 2011. "Revenue Costs and Incentive Effects of the Mortgage Interest Deduction for Owner-Occupied Housing," National Tax Journal, National Tax Association;National Tax Journal, vol. 64(2), pages 531-564, June.
    8. Hoa Nguyen, 2019. "Impact of Increasing Minimum Wage on Homeownership and Home Equity Loans," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 25(2), pages 209-219, May.
    9. Andrew Hanson & Hal Martin, 2014. "Housing Market Distortions and the Mortgage Interest Deduction," Public Finance Review, , vol. 42(5), pages 582-607, September.

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