recovered only partially during the 2001{2005 housing boom. The 1980{2000 decline in young home ownership occurred as …

Housing is the single most important component of personal wealth in most countries. The special characteristics of … housing markets are therefore key to understanding personal portfolios, saving, the household distribution of wealth, and the … monetary transmission mechanism. This paper discusses how housing markets and institutions differ across countries, paying …

particular service, it does not capture the cost of housing services. The shadow price of housing captures the welfare cost to a … household of changes in housing prices. In this paper we create a new shadow price index using RPI data and the shadow price of … housing and investigate how replacing the mortgage interest with the shadow price of housing affects measures of the cost of …

In this paper we develop a measure of current expenditures on housing services for owner-occupiers. Having such a … measuring inflation. From a theoretical perspective expenditures equal the shadow price of housing services (the marginal rate … of substitution between housing services and non-durable consumption) multiplied by the quantity of housing services …