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The Investment Demand for Housing

出版	Federal Home Loan Bank Board, Office of Policy and Economic Research, 1981
URL	http://books.google.com.hk/books?id=JbYHHQAACAAJ&hl=&source=gbs_api

註釋This paper investigates the effect infaltion has upon tenure choice and housing demand. Inflation may reduce the demand for housing and homeownership because of the direct price effect and because of induced distortions due to the predominance of the level-payment mortgage. Inflation may also increase the demand for housing as households seek to purchase an asset that appreciated at very significant rates over the last half of the 1970s. The tenure choice and housing consumption decisions are made jointly. This paper estimates a probit version of a tenure choice equation and a demand for housing equation using data observations on mover households that purchased a home in the 1970-1978 period. This demand equation is estimated using the procedure developed by Lee and Trost. This procedure adjusts for the possible simultaneity in the model. The empirical results strongly suggest that inflation adversely affects homeownership. For each one percent increase in the inflation rate, the ownership rate declines by three percent. The results from the demand equation are less strong, but they also suggest that price and interest rate effects more than offset the positive effect that expected appreciation has on housing demand. In both equations the marginal tax rate of the household has a strong and positive influence.