Inflation, the Stock Market, and Owner-Occupied Housing
Inflation, the Stock Market, and Owner-Occupied Housing
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通货膨胀、股票市场和自住住房
DOI：
10.3386/w0606
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发表时间：
1980
期刊：
影响因子：
--
通讯作者：
L. Summers
中科院分区：
文献类型：
--
作者：
L. Summers
本文在很大程度上表明了这一点。住房价值的增加和公司资本价值的减少可能有一个共同的解释，即通货膨胀和非指数化税收制度的相互作用。通货膨胀的加速急剧提高了企业资本收入的有效征税率，同时减少了自住住房的有效征税。这些变化以资产价格变化的形式被资本化。从长远来看，它们将导致股本规模和构成的重大变化。本文的第一部分更详细地描述了由暴胀引起的非中性。第二部分介绍了一个简单的模型，展示了通货膨胀和税收如何相互作用来决定资产价格。第三部分提出了一些粗略的实证检验，表明预期通货膨胀率的上升可能占已观察到的资产价格变化的很大一部分。最后一节结束了评论的结果的一些影响的文件。
This paper suggests that to a large extent. the increases in the value of housing and decreases in the value of corporate capital may have a common explanation, the inter- action of inflation and a nonindexed tax system. The acceleration of inflation has sharply increased the effective rate of taxation of corporate capital income, while reducing the effective taxation of owner- occupied housing. These changes have been capitalized in the form of changing asset prices. In the long run, they will lead to significant changes in the size and composition of the capital stock. The first section of the paper describes in more detail the nonneutralities caused by inflation. A simple model showing how inflation and taxation interact to determine asset prices is presented in the second section. The third section presents some crude empirical tests suggesting that increases in the expected rate of inflation may account for a significant part of the asset price changes which have been observed. A final section concludes the paper by commenting on some implications of the results.