| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7894 |
| DP7894 House Prices and Risk Sharing | |
| Bent E Sørensen; Maria Jose Luengo-Prado; Dmytro Hryshko | |
| 发表日期 | 2010-06-10 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Using data from the Panel Study of Income Dynamics, we show that homeowners are able to maintain a high level of consumption following job loss (or disability) in periods of rising local house prices while the consumption drop for homeowners who lose their job in times of lower house prices is substantial. The results are consistent with homeowners being able to access wealth gains when housing appreciates as witnessed by their ability to smooth consumption more than renters. We calibrate and simulate a model of endogenous homeownership and consumption which is able to reproduce the patterns in the data quite well. |
| 主题 | International Macroeconomics |
| 关键词 | Consumption smoothing Psid Regional house prices |
| URL | https://cepr.org/publications/dp7894 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536744 |
| 推荐引用方式 GB/T 7714 | Bent E Sørensen,Maria Jose Luengo-Prado,Dmytro Hryshko. DP7894 House Prices and Risk Sharing. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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