Real estate plays a pivotal role in carbon emissions. Carbon tax policy is a crucial measure for mitigating enterprises' carbon emissions. However, imposing a carbon tax on productive enterprises in the real estate industry to reduce emissions may increase their production costs, which could easily be passed on to buyers, thus inflating real estate prices and impeding policy effectiveness. To examine the impact and negative consequences of carbon tax policy applied to the real estate industry, we develop a dynamic stochastic general equilibrium model encompassing building materials manufacturers, real estate firms, and the environmental regulatory government. Findings indicate that implementing the carbon tax policy significantly reduces carbon emissions in the real estate industry. However, the existence of a price transmission mechanism makes carbon tax policies susceptible to driving up real estate prices. Further welfare analysis shows that increasing carbon tax rates will result in social welfare losses, allowing the government to modify and refine its policy objectives.

中文翻译：

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碳税政策会提振房地产价格吗？


房地产在碳排放中起着举足轻重的作用。碳税政策是降低企业碳排放的关键措施。然而，对房地产行业的生产性企业征收碳税以减少排放可能会增加其生产成本，这很容易转嫁给买方，从而抬高房地产价格并阻碍政策效果。为了研究适用于房地产行业的碳税政策的影响和负面影响，我们开发了一个动态随机一般均衡模型，包括建筑材料制造商、房地产公司和环境监管政府。研究结果表明，实施碳税政策可显著减少房地产行业的碳排放。然而，价格传导机制的存在使得碳税政策容易受到房地产价格上涨的影响。进一步的福利分析表明，提高碳税率将导致社会福利损失，从而使政府能够修改和完善其政策目标。