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 …

We solve a rich life-cycle model of household decisions involving consumption of perishable goods and housing services …, habit formation for housing consumption, stochastic labor income, stochastic house prices, home renting and owning, stock …-dependent housing expenditure share, (iii) non-housing consumption being significantly more sensitive to wealth and income shocks than …

We solve a rich life-cycle model of household decisions involving consumption of perishable goods and housing services …, habit formation for housing consumption, stochastic labor income, stochastic house prices, home renting and owning, stock …-dependent housing expenditure share, (iii) non-housing consumption being significantly more sensitive to wealth and income shocks than …

Using the data on maintenance expenditures and self-assessed house value, I separate the measure of individual housing … stock and house prices, and use these data for testing whether nondurable consumption and housing are characterized by … nondurable consumption and housing. I reach a similar conclusion for some separate con-sumption categories, such as food and …

Using the data on maintenance expenditures and self-assessed house value, I separate the measure of individual housing … stock and house prices, and use these data for testing whether nondurable consumption and housing are characterized by … nondurable consumption and housing. I reach a similar conclusion for some separate consumption categories, such as food and …

consumption services are generated by both non-durable consumption and by holding a durable good housing. Housing is illiquid in … that a non-convex adjustment cost must be paid when it is sold. It is shown that optimal consumption of housing is not a … constant fraction of wealth but instead depends on the ratio of wealth to housing and the price of housing. Households adjust …

In this paper, I explore and explain how buy-to-let investors affect housing price dynamics. The impact of buy …-to-let investors on the housing market is much discussed by policy makers, but previously not considered in the literature. I develop a … structural search model that allows housing owners to buy second houses to let out, and let rents be determined endogenously. To …