摘要:

This paper develops a model of housing costs in a cash flow framework. The cash flow approach allows both the consumption and investment aspects of tenure choice to be analyzed. By solving the model for the rental flow equivalent to any owning situation, we can determine whether or not a household would buy or rent from an economic perspective. The results are very sensitive to the household's income, the expected duration of occupancy, the mortgage interest rate, and inflation expectations. The results suggest that “rule‐of‐thumb” generalizations about tenure choice are often ill‐founded, and that studies of tenure choice need to explicitly consider the interaction of income, taxes, length of occupancy and exp

ISSN:1080-8620    

DOI:10.1111/1540-6229.00228

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

In this study a model of liquid asset management for individual savings and loan associations is developed. The model combines features of portfolio theory and inventory theory and is used to draw hypotheses on the relationship between the demand for excess liquidity and a variety of independent variables.Pooled cross section‐time series equations are estimated for the demand for excess liquidity of 198 S&Ls over the period 1974–1978. In addition to conclusions on the role of individual variables, the estimated equations reveal that the FHLBB can affect the portfolios of some, but not all, S&Ls. This implies that FHLBB liquidity policy can have an effect on the mortgage mar

ISSN:1080-8620    

DOI:10.1111/1540-6229.00229

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.00230

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

Game‐theoretic analysis of an owner's decision about renovating or improving his property indicates that some socially desirable choices are dominated, given the owner's preferences. In the case of owner‐occupied multiple dwellings, public policy should revise the institutions that force the owner to injure society in order to benefit himself and his tenants. Separating assessment from building permit issuance (in the area of tax administration), and revising building codes to permit owners to do their own work under appropriate supervision where licensed contractors are now required (in the area of regulation), would be socially benefic

ISSN:1080-8620    

DOI:10.1111/1540-6229.00231

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

This paper challenges the belief that accelerated depreciation methods are always superior to the straight‐line method—especially for low‐tax bracket owners of highly leveraged investments who have prospects for income growth. The root of the problem is our highly progressive income tax structure and the nature of loan amortization schedules which increase a debtor's taxable income while decreasing his net cash flows. When the entire personal and corporate tax schedules are used to test alternative depreciation methods, our simulation results demonstrate that the much maligned straight‐line method is optimal for suitably low discoun

ISSN:1080-8620    

DOI:10.1111/1540-6229.00232

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

The seasonality of inventories and the seasonality and cyclicality of sales of new single‐family residences by speculative builders may be formally introduced into a partial production adjustment inventory model of housing starts. The theoretical results include variables that imply an interaction between seasonality and cyclicality. A specification error bias in the estimation of the partial adjustment coefficient is evaluated for models that exclude the interaction between seasonality and cyclicality. Stabilization policy is more complex when cyclical instability changes season to season. In this view, justification is found for a seasonal stabilization policy in housin

ISSN:1080-8620    

DOI:10.1111/1540-6229.00233

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY