| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22903 |
| 来源ID | Working Paper 22903 |
| Stimulating Housing Markets | |
| David Berger; Nicholas Turner; Eric Zwick | |
| 发表日期 | 2016-12-12 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper studies temporary policy incentives designed to address capital overhang by inducing asset demand from buyers in the private market. Using variation across local geographies in ex ante program exposure and a difference-in-differences design, we find that the First-Time Homebuyer Credit induced a cumulative increase in home sales of 397 to 546 thousand, or 7.8 to 10.7 percent, nationally. We find little evidence of a sharp reversal of the policy response; instead, demand comes from several years in the future. The program likely sped the process of reallocating homes from distressed sellers to high value buyers, which stabilized house prices. The response is concentrated in the existing home sales market, implying the stimulative effects of the program were less important than its role in accelerating reallocation. |
| 主题 | Macroeconomics ; Fiscal Policy ; Financial Economics ; Financial Markets ; Public Economics ; Taxation ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w22903 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580577 |
| 推荐引用方式 GB/T 7714 | David Berger,Nicholas Turner,Eric Zwick. Stimulating Housing Markets. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22903.pdf（1919KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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