Identifying the Benefits from Homeownership: A Swedish Experiments

• 成果类型: Article
• 署名作者: Sodini, Paolo; Van Nieuwerburgh, Stun; Vestman, Roine; Von Lilienfeld-Toal, Ulf
• 署名单位: Stockholm School of Economics; Columbia University; Stockholm University; University of Luxembourg
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20171449
• 发表日期: 2023
• 页码: 3173-3212
• 关键词: house prices; income shocks; Rent control; consumption; WEALTH; RISK; HOME; equity; credit; debt

摘要

Homeownership is widely stimulated by policy, yet its economic effects are poorly understood. We exploit quasi-random variation in homeownership generated by privatization decisions of municipally owned buildings and use granular data on demographics, income, housing, financial wealth, and debt that allow us to construct high-quality measures of spending. Homeownership causes wealth accumulation via house price appreciation, increases consumption, and improves consumption smoothing across time and states of the world. It increases mobility for young households, who move up the property ladder, and amplifies wealth accumulation for older households, who take more risk in their financial portfolio. (JEL D15, E21, G51, R21, R23, R31,