讲座题目：Capitalization of Transaction Taxes in Housing Markets: A Natural Experiment in Shanghai

报告人：张传勇（华东师范大学城市发展研究院，副教授）

报告时间：2017年11月17日（周五）上午10:00-11:30

报告地点：经管院B129

主办单位：数理经济与数理金融系，主持人：崔静波

摘要: This paper contributes to the literature by identifying the causal effect of residential tax reform on housing price. Although economic theory implies that differences in residential transaction tax rates should be fully capitalized, empirical support for this proposition is uneven. This paper builds a search model that links the bargain power and reduction of transaction tax in a partial equilibrium model. The model indicates that the tax reduction will increase the transaction price, and to what extent the increase benefit goes to the buyer or seller is determined by the bargain power. Then we treat this tax reduction as one natural experiment and find that after March 1st, 2012, the threshold date, transaction prices of the NRP increased significantly compared with those of Non-NRP. Specifically, transaction prices of NRP increased by 2.5%, moreover, prices of smaller-than-90-m2 NRP increased much higher than those of larger-than-90-m2 NRP. We document some heterogeneity of the effect across geographic areas and various floor areas and find that this effect is stronger from the inner belt to the outer belt than other areas with smaller floor areas.

简介: 张传勇，华东师范大学经济学博士、复旦大学经济学博士后，现为华东师范大学城市发展研究院副教授。长期关注房地产与城市经济领域，在《金融研究》、《统计研究》、《中国人口科学》、《财贸经济》等期刊上发表过多篇论文，并担任国际和国内多家期刊审稿人，主持国家自然科学面向基金和青年基金、教育部人文社科基金、中国博士后基金特别资助和一等资助等项目。曾获得第十届世界经济学大会（ESWC）“明日之星计划”（全国百名博士）资助以及第四届世界华人不动产学会第一届博士生论坛资助等奖励。