全球智库信息集成服务系统(G2TT): Does Home Owning Smooth the Variability of Future Housing Consumption?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w16531
来源ID	Working Paper 16531
	Does Home Owning Smooth the Variability of Future Housing Consumption?
	Andrew Paciorek; Todd M. Sinai
发表日期	2010-11-18
出版年	2010
语种	英语
摘要	We show that the hedging benefit of owning a home reduces the variability of housing consumption after a move. When a current home owner's house price covaries positively with housing costs in a future city, changes in the future cost of housing are offset by commensurate changes in wealth before the move. Using Census micro-data, we find that the cross-sectional variation in house values subsequent to a move is lower for home owners who moved between more highly covarying cities. Our preferred estimates imply that an increase in covariance of one standard deviation reduces the variance of subsequent housing consumption by about 11 percent. Households at the top end of the covariance distribution who are likely to have owned large homes before moving get the largest reductions, of up to 40 percent relative to households at the median.
主题	Microeconomics ; Economics of Information ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing ; Labor Economics ; Unemployment and Immigration ; Regional and Urban Economics ; Real Estate
URL	https://www.nber.org/papers/w16531
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/574206
推荐引用方式 GB/T 7714	Andrew Paciorek,Todd M. Sinai. Does Home Owning Smooth the Variability of Future Housing Consumption?. 2010.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w16531.pdf（385KB）	智库出版物		限制开放	CC BY-NC-SA	浏览