OECD Economics Department Working Papers
Working papers from the Economics Department of the OECD that cover the full range of the Department’s work including the economic situation, policy analysis and projections; fiscal policy, public expenditure and taxation; and structural issues including ageing, growth and productivity, migration, environment, human capital, housing, trade and investment, labour markets, regulatory reform, competition, health, and other issues.
The views expressed in these papers are those of the author(s) and do not necessarily reflect those of the OECD or of the governments of its member countries.
- ISSN: 18151973 (online)
- https://doi.org/10.1787/18151973
Housing Markets and Structural Policies in OECD Countries
This paper compares a number of housing policies such as housing taxation, land use and rental regulations and social housing policies for OECD countries relying on new data. Based on a range of econometric analyses, it also investigates whether these housing-related policies achieve their objectives in an efficient and equitable way and whether there are any side effects on other aspects of housing markets or on the wider economy. One main finding is that badly-designed policies can have substantial negative effects on the economy, for instance by increasing the level and volatility of real house prices and preventing people from moving easily to follow employment opportunities. The paper makes some recommendations for the design of efficient and equitable housing policies that can improve the functioning of housing markets and contribute to macroeconomic stability and growth.
Keywords: housing market, house prices, land-use and rental regulations, mortgage markets, residential mobility, volatility, property tax
JEL:
R38: Urban, Rural, Regional, Real Estate, and Transportation Economics / Real Estate Markets, Spatial Production Analysis, and Firm Location / Production Analysis and Firm Location: Government Policy;
H24: Public Economics / Taxation, Subsidies, and Revenue / Personal Income and Other Nonbusiness Taxes and Subsidies;
H20: Public Economics / Taxation, Subsidies, and Revenue / Taxation, Subsidies, and Revenue: General;
R31: Urban, Rural, Regional, Real Estate, and Transportation Economics / Real Estate Markets, Spatial Production Analysis, and Firm Location / Housing Supply and Markets;
R21: Urban, Rural, Regional, Real Estate, and Transportation Economics / Household Analysis / Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand;
G21: Financial Economics / Financial Institutions and Services / Banks; Depository Institutions; Micro Finance Institutions; Mortgages;
R23: Urban, Rural, Regional, Real Estate, and Transportation Economics / Household Analysis / Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics
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