Capital Taxation, Housing Investment and Wealth Accumulation in a Small Open Economy
With few exceptions, the literature on international economics tends to suppress the role of the housing market and markets for durables per se in the macroeconomy. Similarly, macro-oriented studies of the housing market have nearly always been carried out in a closed economy context. As a whole, the total literature dealing with housing seems to be overwhelmingly occupied with the more micro-economic facets of parts of the housing market, as witnessed by the useful survey by Smith et al. (1988).
KeywordsCapital Income House Price Housing Market Housing Stock Construction Sector
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