Tax Incentives and House Price Volatility in the Euro Area : Theory and Evidence

Paul van den Noord

Organisation for Economic Co-operation and Development

关键词: taxation;    Economic and Monetary Union;   

DOI  :  https://doi.org/10.1787/410243688730

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

A problem associated with inflation differentials in monetary unions is that the “crowding-in” effect of lower real interest rates associated with high inflation will initially outweigh the loss of competitiveness (crowding out). The crowding-in effect may produce volatility in house prices, especially if tax regimes favour the occurrence of bubbles. This paper shows that this is the case notably in the smaller countries of the euro area, and this could explain the persistence of inflation differentials in the area to some extent ...