EXPLAINING THE EVOLUTION OF THE U.S. HOUSING MARKET
- 주제(키워드) Housing Market , Idiosyncratic Earnings Risks , Precautionary Savings
- 등재 SSCI, SCOPUS
- 발행기관 Cambridge University Press
- 발행년도 2017
- URI http://www.dcollection.net/handler/ewha/000000148875
- 본문언어 영어
- Published As http://dx.doi.org/10.1017/S1365100516001267
- 저작권 이화여자대학교 논문은 저작권에 의해 보호받습니다.
초록/요약
Over the past few decades, both the relative price of housing structures and housing services consumption relative to nondurables increased significantly in the United States. This paper explores demand-side factors such as an increase in idiosyncratic earnings risks and changes in housing institutions as potential explanations for the phenomenon. We build a general equilibrium incomplete markets model of housing and compare two steady states that correspond to the 1967 and 2000 U.S. economies. Our model can generate the simultaneous increase in the relative price of houses and housing services consumption relative to nondurables. We find that the increased earnings risks are crucial in replicating this pattern. Copyright © Cambridge University Press 2017
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