This paper discusses the main aspects of the taxation of housing drawing on general principles of optimal taxation. It focuses on the role of the property tax in achieving neutrality between rental and owner-occupied housing. Assuming that landlords are taxed according to a neutral profits tax,...

We analyze by far the most extensive data base yet employed in estimating capitalization" of below-market interest rates into asset prices: nearly 300,000 sales of owner-occupied homes in" Sweden from 1981 to 1993 with 40,000 including government subsidized interest rates. Our" estimates...

This is a study of financial innovations and moves towards "the cashless society" in a general equilibrium, cash-in-advance model. It is assumed that a subset of goods--cash goods and check goods--can be purchased only with tangible means of payment, i.e. cash and checks drawn on...

Markets for property space adjust only gradually because tenants are constrained by long-term leases and landlords and tenants face transactions and information costs. Not only do rents adjust slowly, but space occupancy may differ from demand at current rent, giving rise to "hidden vacancies"....