We estimate a structural model of optimal life-cycle housing and nonhousing con- sumption 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...

understanding of housing market developments on general activities. We use the estimated model to conduct policy experiments and find that consumption responds nonlinearly to changes in housing wealth with an average marginal propensity to consume out of housing wealth of about 5 percent.

Supersedes Working Paper 09-7. 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...

In the wake of China’s enormous success transitioning to a market economy there is a widely held belief among researchers and policymakers that the country’s income distribution has become excessively unfair. Previous authors have argued ‘the perception of inequality is one of the key...

A dynamic optimization model of parents choosing investments in their children's health motivates an empirical model of parents' choices of health inputs for their children and the impacts of these decisions on their children's subsequent health. Estimates of the child health input demand...

We analyze the roles of and interrelationships among school inputs and parental inputs in affecting child development through the specification and estimation of a behavioral model of household migration and maternal employment decisions. We integrate information on these decisions with...

This paper investigates how women's migration and labor supply behaviors respond to changes in welfare policies and labor market conditions, controlling for endogenous initial residence and unobserved heterogeneity. It also traces out how these responses influence educational inputs and child...

We present a semi-parametric approach for jointly estimating revealed and stated preference recreation demand models. The discrete factor method (DFM) allows for correlation across demand equations and incorporates unobserved heterogeneity. Our model is a generalized negative binomial with...