matches the wealth distribution; the age profiles of consumption, homeownership, and mortgage debt; and data on the frequency … of housing adjustment. In the time-series dimension, the model accounts for the procyclicality and volatility of housing … maximum borrowing limit, and housing investment, homeownership, and household debt closely track aggregate productivity. In …

wealth distribution, the age profiles of homeownership and mortgage debt, and the frequency of housing adjustment. In the … time-series, the model matches the procyclicality and volatility of housing investment, and the procyclicality of mortgage …