This paper develops a detailed partial equilibrium model of housing wealth's role over the life-cycle to explore (1 …) housing's dual role as a consumption and investment good; (2) the significance of the mortgage contract being in nominal and … not real terms; and (3) the tax benefits associated with owner-occupied housing. The stochastic dynamic programming …

uninsurable idiosyncratic risks, where the agents make entrepreneurial, housing and bankruptcy choices. In the model, house is …

This paper examines the role of housing decisions on business cycles fluctuations. We use an overlapping generation … payment and make a long term financial committment. Because of the indivisibility of housing, households buy "too much …" housing and not always able to smooth consumptiom in face of adverse business cycle fluctuations. Consumers who are still in …

urban economics. In our paper, we unite the research from these two fields to examine if the housing preferences of a … renters with complete freedom to move to any vacant unit. The United States housing market is best characterized as an owner …

Long-term observers of urban communities know that the housing quality distributions of communities and the changes of … these distributions over time encompass not one but a variety of patterns. The equilibrium outcome derived from the housing …