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Euler Consumption Equation with Non-Separable Preferences over Consumption and Leisure and Collateral Constraints

Kilponen, Juha - 2009

This paper derives and estimates an aggregate Euler consumption equation which allows one to compare the importance of collateral constraints and non-separability of consumption and leisure as alternative sources of excess sensitivity of consumption to current income. Estimation results suggest...

Persistent link: https://www.econbiz.de/10013158381

Housing over Time and over the Life Cycle : A Structural Estimation

Li, Wenli - 2019

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 …

Persistent link: https://www.econbiz.de/10012906249

Housing Over Time and Over the Life Cycle : A Structural Estimation

Li, Wenli - 2015

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 …

Persistent link: https://www.econbiz.de/10013017413

Housing Over Time and Over the Life Cycle : A Structural Estimation

Li, Wenli - 2015

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 …

Persistent link: https://www.econbiz.de/10013029666

Seasonality in house prices

Kajuth, Florian; Schmidt, Tobias - 2011

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