American Economic Journal: Microeconomics · 2026 · Roberto Brunetti、Carl Gaigné、Fabien Moizeau
中文摘要
本文考察土地在财富动态中的作用及其对效率与不平等的影响。我们在一个代理人向继承人留下金融遗赠与住房财富的模型中，聚焦于代理人对区位的竞价、抵押市场不完美与继承之间的相互作用。借贷约束产生了住房回报溢价与空间财富分选，进而转化为持续的财富不平等。由于利他主义与借贷约束扭曲了土地价格的形成，我们证明对代际间传递的土地租金征税是最优的。土地税不能与代际财富转移税相割裂。（JEL D31, D64, H71, Q24, R23, R31, R52）
Abstract
This paper examines the role of land in wealth dynamics and its consequences for efficiency and inequality. We focus on the interplay among agents’ bidding for location, mortgage market imperfections, and inheritance in a model in which agents leave to their heirs financial bequests and their housing wealth. The borrowing constraint generates a housing return premium and spatial wealth sorting, which translate into persistent wealth inequality. Since altruism and the borrowing constraint distort land price formation, we show that taxing land rent transmitted between generations is optimal. Land taxation cannot be disconnected from taxation on intergenerational wealth transfers. (JEL D31, D64, H71, Q24, R23, R31, R52)