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Land is back, it should be taxed, it can be taxed

Author

Listed:
  • Odran Bonnet

    (CREST-INSEE - Centre de Recherche en Economie et en Statistique - Institut national de la statistique et des études économiques (INSEE))

  • Guillaume Chapelle

    (THEMA - Théorie économique, modélisation et applications - CNRS - Centre National de la Recherche Scientifique - CY - CY Cergy Paris Université)

  • Alain Trannoy

    (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique)

  • Etienne Wasmer

    (New York University [Abu Dhabi] - NYU - NYU System)

Abstract

Land is back. The increase in wealth in the second half of 20th century arose from housing and land. It should be taxed. We introduce land and housing structures in Judd's standard setup: first best optimal taxation is achieved with a property tax on land and requires no tax on capital. With positive taxes on housing rents, a first best is still possible but with subsidies to rental housing investments, and either with differential land tax rates or with a tax on imputed rents. It can be taxed. Even absent land taxes, one can tax it indirectly and reach a Ramsey-second best still with no tax on capital and positive housing rent taxes in the steady-state. This result extends to the dynamics under restrictions on parameters.

Suggested Citation

  • Odran Bonnet & Guillaume Chapelle & Alain Trannoy & Etienne Wasmer, 2021. "Land is back, it should be taxed, it can be taxed," Post-Print hal-03238443, HAL.
    • Handle: RePEc:hal:journl:hal-03238443
    DOI: 10.1016/j.euroecorev.2021.103696
    Note: View the original document on HAL open archive server: https://amu.hal.science/hal-03238443
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Land is back, it should be taxed, it can be taxed
      by Christian Zimmermann in NEP-DGE blog on 2022-04-07 19:10:20

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    Cited by:

    1. Roberto Brunetti & Carl Gaigné & Fabien Moizeau, 2023. "Land, Wealth, and Taxation," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 2023-06, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.
    2. Bontemps, Christian & Cherbonnier, Frédéric & Magnac, Thierry, 2023. "Reducing transaction taxes on housing in highly regulated economies”," TSE Working Papers 23-1486, Toulouse School of Economics (TSE).
    3. Gobbi, Paula Eugenia & Chapelle, Guillaume & Domènech Arumí, Gerard, 2023. "Housing, Neighborhoods and Inequality," CEPR Discussion Papers 17969, C.E.P.R. Discussion Papers.
    4. Braun, Stefanie & Lee, Gabriel S., 2021. "The prices of residential land in German counties," Regional Science and Urban Economics, Elsevier, vol. 89(C).
    5. Markus Knell, 2023. "Housing and the secular decline in real interest rates (Markus Knell)," Working Papers 251, Oesterreichische Nationalbank (Austrian Central Bank).

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    More about this item

    Keywords

    Capital; Wealth; Housing; Land; Optimal tax; First best; Second best;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns

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