1032期 11月12日:Stamping Out Stamp Duty: Property or Consumption Taxes?(Yunho Cho,助教授,暨南大学经济与社会研究院)

时间:2019-11-07

【主题】Stamping Out Stamp Duty: Property or Consumption Taxes?
【报告人】Yunho Cho(助教授,暨南大学经济与社会研究院)
【时间】11月12日(星期二) 15:30-17:00
【地点】经济学院楼701室
【语言】英文
【摘要】We examine the welfare implications of stamp duties using a general equilibrium overlapping generations model with heterogeneous agents and incomplete markets. We conduct counterfactual policy experiments where stamp duties are replaced with revenue neutral property and consumption taxes, and obtain four main results. First, we find that removing stamp duties leads to a substantial reallocation of housing assets across different age groups. The policy reform relaxes the downpayment constraint, increasing housing demand for younger households. Older households in contrast move into smaller houses. Second, our model suggests that removing stamp duties stimulates housing market activities by increasing housing transition rates and the match quality of housing. Third, steady state welfare improves by 4% where the welfare gain arises from more efficient allocations of housing. Fourth, we find that, along the transition, renters are better off while homeowners are worse off. However, existing homeowners would be not as hurt when stamp duties are replaced by consumption taxes.
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