The homeownership rate in Germany is one of the lowest among advanced economies. To better understand this fact, we … analyze the role of three specific policies which discourage homeownership in Germany: an extensive social housing sector with … payments by owner-occupiers. We build a lifecycle model with uninsurable income risk and endogenous homeownership in order to …

is often used as an argument for policies that foster homeownership. However, the causal link between homeownership and … Consumption Survey for the Euro area, we correct for endogeneity by using inheriting the household's main residence as an … wealth position of the household only through homeownership. For the sample of inheritors we find that the local average …

motive can account for both the time profile of consumption responses and their systematic co-variation with observables …

response to the forecasts, extrapolate to expectations about their personal economic circumstances and adjust their consumption …

We study the link between homeownership, mortgage debt, and entrepreneurship using a model of occupational choice and …

The recently published Household Finance and Consumption Survey has revealed large differences in wealth inequality … between the countries of the Euro area. We find a strong negative correlation between wealth inequality and homeownership … by homeownership status shows that the negative relationship is mostly driven by large between-group inequality across …

This paper shows that the combination of habit formation - present consumption creating additional consumption needs in …-best setting the optimal solution can be decentralized by a simple 'Pigouvian' (paternalistic) consumption tax (along with suitable … lump-sum taxes). In a second-best setting, when personalized lump-sum transfers are not available, consumption taxes may …

consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for … temporarily allow consumption to rise. Regarding housing returns, if housing assets are complementary to stocks, then investors … their consumption. …