THE WEALTH DISTRIBUTION WITH DURABLE GOODS

• 成果类型: Article
• 署名作者: Diaz, Antonia; Jose Luengo-Prado, Maria
• 署名单位: Northeastern University; Universidad Carlos III de Madrid
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2009.00574.x
• 发表日期: 2010
• 页码: 143-170
• 关键词: consumption; entrepreneurship; RISK

摘要

In the United States, the distribution of houses is less egalitarian than that of earnings for the total population, but these two distributions are remarkably similar for homeowners. Additionally, housing as a fraction of total wealth decreases with the level of wealth. In order to understand the different factors that account for these wealth composition patterns, we introduce illiquid houses and collateral credit in a general equilibrium model of heterogeneous agents with idiosyncratic uncertainty. A combination of very persistent shocks to earnings, frictions in the housing market, and a rental market is necessary to obtain numbers in line with the evidence.