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This paper combines and develops the models in Lastrapes (2002) and Mankiw &Weil (1989), which enables us to analyze the effects of interest rate andpopulation growth shocks on housing price in one integrated framework. Based onthis model, we carry out policy simulations to examine whether the housing(stock or flow) tax reduces the housing price fluctuations caused by interestrate or population growth shocks. Simulation results imply that the choice ofhousing tax tools depends on the kind of shock that housing market faces. Inthe situation where the housing price volatility is caused by the populationgrowth shock, the flow tax can reduce the volatility of housing price while thestock tax makes no difference to it. If the shock is resulting from theinterest rate, the policy maker should not impose any kind of the housingtaxes. Furthermore, the effect of one kind of the housing tax can bestrengthened by that of the other type of housing tax.

Population growth, interest rate, and housing tax in the transitional China