Housing Finance Imperfections, Taxation, and Private Saving: A Comparative Simulation Analysis of the United States and Japan*
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چکیده
This paper presents a lie-cycle simulation analysis of the interaction among savings decisions, housing purchase decisions, and the tax system in the United States and Japan. To investigate this issue, we first document the stylized fact that the typical Japanese household purchases a house later in the life cycle with a higher down-payment ratio than its U.S. counterpart. Second, a life-cycle simula-
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تاریخ انتشار 2003