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Homeownership and Public Housing Policy


  • Matt Chambers
  • Carlos Garriga


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

Suggested Citation

  • Matt Chambers & Carlos Garriga, 2004. "Homeownership and Public Housing Policy," 2004 Meeting Papers 157, Society for Economic Dynamics.
  • Handle: RePEc:red:sed004:157

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    References listed on IDEAS

    1. Khatri, Y. & Solomou, S., 1995. "The Impact of Weather on UK Agricultural Production, 1953-1990," Cambridge Working Papers in Economics 9532, Faculty of Economics, University of Cambridge.
    2. Irwin, Douglas A., 2003. "The optimal tax on antebellum US cotton exports," Journal of International Economics, Elsevier, vol. 60(2), pages 275-291, August.
    3. Olmstead, Alan L. & Rhode, Paul W., 2002. "The Red Queen and the Hard Reds: Productivity Growth in American Wheat, 1800–1940," The Journal of Economic History, Cambridge University Press, vol. 62(04), pages 929-966, December.
    4. Marianne Baxter & Robert G. King, 1999. "Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
    5. Willard Long Thorp, 1926. "Prefatory Note," NBER Chapters,in: Business Annals, pages 101-106 National Bureau of Economic Research, Inc.
    6. Fox, Karl A., 1953. "The Analysis of Demand for Farm Products," Technical Bulletins 156646, United States Department of Agriculture, Economic Research Service.
    7. James, John A, 1993. "Changes in Economic Instability in 19th-Century America," American Economic Review, American Economic Association, vol. 83(4), pages 710-731, September.
    8. Meinken, Kenneth W., 1955. "The Demand and Price Structure for Wheat," Technical Bulletins 157127, United States Department of Agriculture, Economic Research Service.
    9. Solomou, Solomos & Wu, Weike, 1999. "Weather effects on European agricultural output, 1850 1913," European Review of Economic History, Cambridge University Press, vol. 3(03), pages 351-373, December.
    10. Paul W. Rhode, 2002. "Gallman's Annual Output Series for the United States, 1834-1909," NBER Working Papers 8860, National Bureau of Economic Research, Inc.
    11. Wright, Gavin, 1979. "World Demand for Cotton during the Nineteenth Century: Reply," The Journal of Economic History, Cambridge University Press, vol. 39(04), pages 1023-1024, December.
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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.

    More about this item


    Housing; Dynamic heterogeneous agent model;

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis


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