Analyses in Danmarks Nationalbank’s most recent Monetary Review (English version to be issued) show that price fluctuations can be dampened if the property value tax is, once again, allowed to move in parallel with house prices. Our analyses also indicate that home buyers to some extent see amortisation of mortgage loans as an expense in line with, say, interest and housing taxes.
What we should accept, however, is the trivial truism that any alternative has its costs or risks. There is no free lunch in economics, but we definitely have choices to make. In order to make the right ones, we must learn from each other. This conference should be a convenient opportunity. BIS central bankers’ speeches  3