서강대학교

초록/요약

The purpose of this paper is to estimate the macroeconomic effects of strengthening a holding tax on commercial real estates and housing in the steady state. This process is analysed around the steady state. Despite numerous ongoing debates over the economic effects of the real estate holding tax, there have been few general equilibrium theoretical analyses regarding the effects of the real estate holding tax. Thus, the quantitative simulation of the effects of the real estate holding tax on the macroeconomy has a significant implication. In order to measure the effectiveness of real estate ownership tax, this paper uses the Ramsey-Cass-Koopmans model assuming that there are a large number of identical households who live infinitely. Furthermore, I use the utility function that includes leisure as in Lucas(1990) in order to observe the effects of the income tax on labor supply. This paper mainly focuses on how the representative household's utility will be changed if we reduce income taxes with the revenue and increase real estate holding taxes. The simulation results show that a decrease in the income tax with the revenues earned from real estate holding taxes increases the utility of representative households. This implies that the distortion effects of the real estate holding tax are smaller than those of the income tax. Therefore, how we use tax revenues is critical in evaluating effectiveness of real estate tax system.