nondurable consumption, or b) the implications for portfolio allocation of housing risk arising from variation in the relative … price of housing. By introducing an endogenously determined but infrequently adjusted state variable, the housing model … utility function which nests both the housing model and habit persistence, the Euler equation for nondurable consumption is …

We describe a model in which rental and owner housing are risky assets, tenure choice is endogenous, and each household … is constrained to consume the same amount of owner housing as it has in its investment portfolio. At each iteration in … the search for an equilibrium, we determine the new taxable income for each of 3,578 households (from the Survey of …

Recent empirical work in public finance uses the housing price response to public investments to assess the efficiency …

with frictions, such as transaction costs, asymmetric information, search and matching frictions. We discuss how such …

, this market for school seats is cleared via market design solutions grounded in recent advances in matching and mechanism …

specific/general information for matching processes in many respects aralle1 the role of that distinction in human capital … theory, strengthening the link between matching theories and earlier human capital analyses …

and reduces matching efficiency: average unemployment duration rises by 13% for the most productive workers after …

Labor market search-and-matching models posit supply-side responses to minimum wage increases that may lead to improved … likelihood of searching, but do lead to large yet very transitory spikes in search effort by individuals already looking for work …