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 …

job search with liquid wealth accumulation and consumption of housing that can be rented, bought on credit, or sold. In … using NLSY data from 1978 until 2005. We find that more relaxed housing lending conditions, particularly lower downpayment …

The authors estimate a structural model of optimal life-cycle housing and consumption in the presence of realistic … labor income and house price uncertainties. The model postulates constant elasticity of substitution between housing service …-sectional and time-series household wealth and housing profiles from the Panel Study of Income Dynamics quite well and suggests an …

Supersedes Working Paper 09-7. We estimate a structural model of optimal life-cycle housing and nonhousing consumption … between housing service and nonhousing consumption and explicitly incorporates a housing adjustment cost. Our estimation fits … the cross-sectional and time-series household wealth and housing profiles from the Panel Study of Income Dynamics (1984 to …

We estimate a structural model of optimal life-cycle housing and nonhousing consumption in the presence of labor income … and house price uncertainties. The model postulates constant elasticity of substitution between housing service and … nonhousing consumption and explicitly incorporates a housing adjustment cost. Our estimation fits the cross-sectional and time …

importance. In the second part of the paper we employ a standard model of dynamic optimisation with housing demand and seasonal … housing consumption …

-cycle model of household decisions involving consumption of both perishable goods and housing services, stochastic and unspanned …

In a calibrated consumption-portfolio model with stock, housing, and labor income predictability, we disentangle the … studies confirm the relative importance of luck and document that, if anything, housing predictability is more important than …