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UID:eab33786b162429c3d41ed28c6462352
CATEGORIES:Seminars
CREATED:20150504T143158
SUMMARY:Marko Terviö - Aalto University School of Economics
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nTransaction Taxes in an Assignment Model of Housing\n\n\nAbstract:\nWe 
 study the impact of an ad valorem transaction tax on the distribution of ho
 use prices and welfare. We present a one-sided assignment model with imperf
 ectly transferable utility, where households are heterogeneous by incomes, 
 houses are heterogeneous by quality, and housing is a normal good. We assum
 e that the supply of housing is fixed and focus on the distortion in matchi
 ng caused by transaction costs. We calibrate the model with data from the H
 elsinki metropolitan region to assess the welfare impact of a counterfactua
 l tax reform, where the current 2% transaction tax is replaced by a revenue
  equivalent ad valorem property tax. We find that the aggregate welfare gai
 ns from the reform would be modest, and that, depending on risk aversion, m
 any or even most owner households would be made ex ante worse off by the re
 form.\n
DTSTAMP:20260421T101851Z
DTSTART:20150309T173000Z
DTEND:20150309T190000Z
SEQUENCE:0
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