high saving rate to fast-rising housing prices in China. However, cross-sectional data do not show a significant … relationship between housing prices and household saving rates. This article uses a simple consumption-saving model to explain why … rising housing prices per se cannot explain China's high household saving rate. Although borrowing constraints and …

In this paper, we construct a life cycle model with housing demand and incomplete market to explore the relationship … between housing demand, accompanied with underdeveloped housing finance, and the household saving rate in China. We … hold a considerable amount of non-housing asset such as deposit, cash, and bond as it is difficult for them to insure …

In this paper, we study a household’s optimal life-cycle housing choices by calibrating a model with uninsurable … choose to convert illiquid home equity to liquid asset to finance non-housing consumption in the absence of lower borrowing … the importance of labor income and house price risks in housing decisions. In comparison to the benchmark case, a higher …

In this paper I analyze the effects of innovations in information technology on the mortgage and housing markets using … explicitly model the housing tenure choices of households. Lenders offer individual-specific mortgage contracts to home buyers …

housing services, stochastic and unspanned labor income, stochastic house prices, home renting and owning, stock investments …, and portfolio constraints. The model features habit formation for housing consumption, which leads to optimal decisions … agents and then gradually increasing over life, (ii) that the housing expenditure share is age- and wealth-dependent, (iii …