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Homeownership and Public Housing Policy

Author

Listed:
  • 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

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

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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

    Keywords

    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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