Chetty and Szeidl (2012) propose to estimate the effect of housing on portfolio choice by distinguishing between the …

heterogeneous, infinitely lived households and competitive housing and mortgage markets. Households have the option to default on … equilibrium mortgage origination and increases aggregate welfare, but has little effect on foreclosure rates and housing …

by owner-occupied housing whereas unsecured debt can be discharged according to bankruptcy regulations. We show that the …

Housing markets clear, in part, through the time that buyers and sellers spend on the market. We show that demand …

Are households more likely to be homeowners when “housing risk” is higher? We show that home-ownership rates and loan … inference is confounded by house price levels, which are systematically correlated with housing risk in an intuitive way: in …

social security upon the demand for housing and the level of owner occupation is substantial. The overall structure of … generosity of state run, pay-as-you-go pensions. The interaction between social security reform and housing market conditions is … significant and suggests that any changes in pension rules will have substantial knock on effects on the housing market. …