We develop a simple spatial equilibrium model with the peer group effect and local public finance to analyze the implications of housing policies such as public housing and housing voucher programs, and education policies such as school finance consolidation. The calibrated model can match several stylized facts of the labor market and the housing market in the United States. Our counterfactual policy analyses suggest that public housing and housing voucher programs have similar welfare implications on the household level. However, within a household, the public housing program tends to benefit the children more than the parents, while the housing voucher program delivers the opposite result. Combining the school finance consolidation policy with the public housing program could improve the well-being of children from poor households without hurting other households’ welfare. Some policies’ short-run welfare implications can deviate significantly from their long-run counterparts when all choices are optimized.

我们开发了一个具有同伴群体效应和当地公共财政的简单空间均衡模型，以分析诸如公共住房和住房券计划之类的住房政策以及诸如学校财务合并之类的教育政策的含义。校准后的模型可以匹配美国劳动力市场和住房市场的多个典型事实。我们的反事实政策分析表明，公共住房和住房券计划在家庭水平上具有相似的福利影响。但是，在家庭内部，公共住房计划往往使孩子比父母受益更多，而住房券计划却带来相反的结果。将学校财政巩固政策与公共住房计划相结合，可以改善贫困家庭的儿童的福利，而不会损害其他家庭的福利。当所有选择均得到优化时，某些政策的短期福利含义可能会与长期政策产生重大差异。