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    Title: Macroeconomic Policies and Housing Market in Taiwan
    Authors: 朱琇妍
    Chu, Shiou-Yen
    Contributors: 財政系
    Keywords: Collateral constraint;Property tax;Transfer tax;Speculation
    Date: 2018-11
    Issue Date: 2019-10-04 16:08:00 (UTC+8)
    Abstract: This paper develops a dynamic stochastic general equilibrium (DSGE) model that analyzes the transmission mechanisms of a real estate transfer tax and other macroeconomic policies on Taiwan's housing market. Our model matches the volatility of Taiwan's housing prices and housing transactions during 2011–2015, when the loan-to-value ratio was reduced and a transfer tax along with a property tax were collected. The calibration results indicate that imposing a residential property tax or raising interest rates effectively curbs speculative housing transactions and has prolonged effects on taming housing prices over time. Transfer tax imposition or a decrease in the loan-to-value ratio has short-lived effects on moderating housing markets.
    Relation: International Review of Economics and Finance, Vol.58, pp.404-421
    Data Type: article
    DOI link: https://doi.org/10.1016/j.iref.2018.05.002
    DOI: 10.1016/j.iref.2018.05.002
    Appears in Collections:[Department of Public Finance] Periodical Articles

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