英文标题：
《Population growth, interest rate, and housing tax in the transitional
China》
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作者：
Ling-Yun He and Xing-Chun Wen
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最新提交年份：
2016
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英文摘要：
This paper combines and develops the models in Lastrapes (2002) and Mankiw & Weil (1989), which enables us to analyze the effects of interest rate and population growth shocks on housing price in one integrated framework. Based on this model, we carry out policy simulations to examine whether the housing (stock or flow) tax reduces the housing price fluctuations caused by interest rate or population growth shocks. Simulation results imply that the choice of housing tax tools depends on the kind of shock that housing market faces. In the situation where the housing price volatility is caused by the population growth shock, the flow tax can reduce the volatility of housing price while the stock tax makes no difference to it. If the shock is resulting from the interest rate, the policy maker should not impose any kind of the housing taxes. Furthermore, the effect of one kind of the housing tax can be strengthened by that of the other type of housing tax.
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中文摘要：
本文结合并发展了Lastraps（2002）和Mankiw&Weil（1989）的模型，使我们能够在一个综合框架内分析利率和人口增长冲击对房价的影响。基于此模型，我们进行了政策模拟，以检验住房（存量或流动）税是否会减少利率或人口增长冲击引起的房价波动。模拟结果表明，住房税工具的选择取决于住房市场面临的冲击类型。在房价波动是由人口增长冲击引起的情况下，流动税可以减少房价波动，而股票税对其没有影响。若冲击是由利率引起的，决策者不应该征收任何类型的住房税。此外，一种住房税的效果可以通过另一种住房税的效果来加强。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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