Mortgage interest deductions? Not a bad idea after all

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2024-05-01 DOI:10.1016/j.jmoneco.2024.01.004

Shahar Rotberg, Joseph B. Steinberg

引用次数: 0

Abstract

Mortgage interest deductions and other homeownership subsidies are widely believed to be harmful because they redistribute resources from lower-income renters to higher-income homeowners. We argue that renters actually benefit from these policies in general equilibrium for two reasons. First, the rental supply curve is relatively inelastic, which means that rents fall when these policies reduce rental demand. Second, many renters spend most of their income on housing, and these renters gain substantially from rent decreases. We calibrate a quantitative model to match empirical evidence on these factors and show they are strong enough that subsidizing homeownership actually increases welfare.

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扣除抵押贷款利息？毕竟不是个坏主意

人们普遍认为抵押贷款利息减免和其他购房补贴是有害的，因为它们将资源从低收入租房者重新分配给了高收入房主。我们认为，在一般均衡中，租房者实际上受益于这些政策，原因有二。首先，租金供给曲线相对缺乏弹性，这意味着当这些政策降低租金需求时，租金就会下降。其次，许多租房者的大部分收入都花在了住房上，这些租房者会从租金下降中获得巨大收益。我们校准了一个定量模型，使之与这些因素的经验证据相匹配，并表明这些因素足够强大，补贴购房实际上会增加福利。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.