House prices and risk sharing
成果类型：
Article
署名作者：
Hryshko, Dmytro; Luengo-Prado, Maria Jose; Sorensen, Bent E.
署名单位：
University of Alberta; Northeastern University; University of Houston System; University of Houston
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.09.005
发表日期：
2010
页码：
975-987
关键词：
摘要：
Homeowners in the Panel Study of Income Dynamics 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 These 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 A calibrated model of endogenous homeownership and consumption is able to reproduce the patterns in the data quite well and provides an interpretation of the empirical results (C) 2010 Elsevier B V All rights reserved
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