买还是租? 交易税对住房市场的影响
To Own or to Rent? The Effects of Transaction Taxes on Housing Markets
Review of Economic Studies · 2025 · [{"name": "Lu Han", "affiliation": ["University of Wisconsin–Madison"]}, {"name": "L. Rachel Ngai", "affiliation": ["Center for Economic and Policy Research", "Centre for Economic Policy Research"]}, {"name": "Kevin D. Sheedy", "affiliation": ["London School of Economics and Political Science"]}]
中文摘要
摘要 本文利用销售和租赁数据，发现了更高房产交易税的三个新效应：尽管买房出租交易和买房自住交易均被征税，但前者增加而后者减少；销售与租赁之比下降；以及价格与租金之比下降。本文通过构建一个搜索模型来解释这些事实，该模型包含投资者和家庭的进入、家庭在存在信贷摩擦的情况下选择自有住房或租房、以及房主决定何时搬迁。更高的交易税降低了房主的流动性，并增加了对租赁住房的需求，这解释了上述经验事实，并导致住房自有率下降。无谓损失很大，达到税收收入的111%，其中超过一半源于对自有住房或租房决策的扭曲。
Abstract
Abstract Using sales and leasing data, this paper finds three novel effects of a higher property transaction tax: higher buy-to-rent transactions alongside lower buy-to-own transactions despite both being taxed, a lower sales-to-leases ratio, and a lower price-to-rent ratio. This paper explains these facts by developing a search model with entry of investors and households, households choosing to own or rent in the presence of credit frictions, and homeowners deciding when to move house. A higher transaction tax reduces homeowners’ mobility and increases demand for rental properties, which explains the empirical facts and leads to a lower homeownership rate. The deadweight loss is large at 111% of tax revenue, with more than half of this due to distorting decisions to own or rent.
📖 精读解析
本文已有三模型交叉精读卡片, 登录后可在站内查看结构化解读与关键图表。