Showing 1 - 10 of 11
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Housing is a long-lived asset whose value is sensitive to variations in long-term growth and interest rates. When a large fraction of the population is leveraged, housing price fluctuations cause large-scale redistribution and consumption volatility. We examine policies to mitigate the impact of...
Persistent link: https://www.econbiz.de/10012835957
We estimate a nominal life-cycle portfolio choice model using shopping costs to generate money demand. The model delivers realistic implications for stock market participation and portfolio composition because money crowds out other assets at lower levels of financial wealth. Higher mean...
Persistent link: https://www.econbiz.de/10012905000
We estimate a nominal life-cycle portfolio choice model using shopping coststo generate money demand. The model delivers realistic implications forstock market participation and portfolio composition because money crowdsout other assets at lower levels of wealth. We quantify how...
Persistent link: https://www.econbiz.de/10012855825
This paper is a quantitatively-oriented theoretical study into the interaction between housing prices, aggregate production, and household behavior over a lifetime. We develop a life-cycle model of a production economy in which land and capital are used to build residential and commercial real...
Persistent link: https://www.econbiz.de/10012715491
Persistent link: https://www.econbiz.de/10012178543
Why do Japanese households hold so few stocks? We use a quantitative life-cycle portfolio choice model to argue in favour of two main explanations. First, households have a very low level of trust in the stock market due to Japan's history of poor corporate governance. Second, stock returns to...
Persistent link: https://www.econbiz.de/10013229680
This paper is a quantitatively-oriented theoretical study into the interaction between housing prices, aggregate production, and household behaviour over a lifetime. We develop a life-cycle model of a production economy in which land and capital are used to build residential and commercial...
Persistent link: https://www.econbiz.de/10005807994
This paper is a quantitatively-oriented theoretical study of the interaction between housing prices, aggregate production, and household behavior over a lifetime. We develop a life-cycle model of a production economy in which land and capital are used to build residential and commercial real...
Persistent link: https://www.econbiz.de/10008682854