This survey discusses how capital should be taxed in advanced economies. We review the
theoretical optimal tax literature, survey empirical studies on the distribution of capital and …

The past 25 years have represented two periods of extreme movements in US and global
house prices that appear to be much larger than can be easily explained by changes in …

We exploit variation in mortgage modifications to disentangle the impact of reducing long-
term obligations with no change in short-term payments (“wealth”), and reducing short-term …

We examine the link between wage and consumption inequality using a life-cycle model
incorporating consumption and family labor supply decisions. We derive analytical …

High and rising prices in Chinese housing markets have attracted global attention. Price-to-
rent ratios in Beijing and seven other large markets across the country have increased by …

Rising inequality in the permanent component of labor income, henceforth permanent
income, has been a major force behind the secular increase in US labor income inequality …

We investigate housing market responses to transaction taxes using administrative data on
all property transactions in the UK from 2004 to 2012 combined with quasi-experimental …

In the decade following the housing crisis, Americans remain enthusiastic about the
prospect of owning a home. Homeownership is a symbol of status attainment in the United …

This paper studies the impact of the mortgage interest tax deduction on equilibrium house
prices, rents, homeownership, and welfare. We build a dynamic model of the housing market …

This paper provides novel estimates of the interest rate elasticity of mortgage demand by
measuring the degree of bunching in response to a discrete jump in interest rates at the …