Capital Gains Tax and Price Volatility A Theoretical Analysis in Housing Market

• Main Authors: Li, Yu-Yan, 李昱彥
• Other Authors: Guo, Wen-Chung
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/40859620624982282591

碩士 === 國立臺北大學 === 經濟學系 === 100 === This thesis establishes an overlapping generation model to discuss the relationship between capital gains tax, expectation price, price volatility and noise trader ratio for the housing market. In particular, this study tries to solve equilibrium the proportion of noise traders and equilibrium price volatility. Several findings of this study are as follows. First, considering supply shocks and the exogenous of noise trader participations, this study has proved that the negative correlation between capital gains tax and expectation price. Regarding the endogenous of noise trader participations have shown that the negative correlation between capital gains tax, price volatility and noise trader ratio. Moreover, the situation without supply shocks is also discussed. Finally, the thesis involves the parameter of the price slope of supply side, and thesis negative correlation between the price slope of supply side and noise trader ratio finds price volatility.