摘要：What are the effects of introducing interest-only, flexiblerate
mortgage contracts and a tax freeze on housing wealth for
the real and financial economy? I study this within a DSGE
model with housing, banking, and financial frictions, and the
coexistence of flexible-rate, fixed-rate, and interest-only mortgage
contracts. I find that the introduction and the adoption
of flexible-rate and interest-only mortgage contracts together
with a freeze of taxation of the housing wealth can explain
8 percent of the increase in the real house price in Denmark
during the period 2004–06 and 0.75 percentage point of the
output gap. The household debt-to-GDP ratio would have been
almost constant instead of increasing by 20 percentage points.
The analysis points to a more volatile Danish economy after
the implementation of the structural changes to the economy.
