Title of article :
House pricesandrisksharing
Author/Authors :
Dmytro Hryshko، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2010
Abstract :
HomeownersinthePanelStudyofIncomeDynamicsareabletomaintainahighlevelof
consumptionfollowingjobloss(ordisability)inperiodsofrisinglocalhouseprices
while theconsumptiondropforhomeownerswholosetheirjobintimesoflowerhouse
pricesissubstantial.Theseresultsareconsistentwithhomeownersbeingabletoaccess
wealth gainswhenhousingappreciatesaswitnessedbytheirabilitytosmooth
consumptionmorethanrenters.Acalibratedmodelofendogenoushomeownershipand
consumptionisabletoreproducethepatternsinthedataquitewellandprovidesan
interpretationoftheempiricalresults
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
