주택 정책; 주택 가격; 가계 부채; 이질적 경제주체; Housing Policies; House Prices; Household Debt; Heterogeneous Agents
Issue Date
2021-06
Publisher
한국경제학회
Citation
The Korean Economic Review, v. 37, NO. 2, Page. 199-223
Abstract
This paper explores the long-term effect of recent housing policies in Korea. Using a twosector general equilibrium model with heterogeneous agents, we conduct three policy experiments: i) a reduction in the loan-to-value (LTV) ratio; ii) an increase in the house acquisition tax rate; iii) an increase in the property tax rate. We find that all three policies increase the relative price of housing structures in the long run, yet their quantitative effect is small, and that the reduced LTV ratio is effective in reducing the household debt.
Heterogeneous responses to these policies depending on household wealth are crucial in these results.