This paper develops an open-economy DSGE model with a housing-market sector and a borrowing constraint. Contrary to … standard conventions, domestic households are allowed to invest in foreign housing and vice versa. Using Bayesian methods, the … model is applied to data for Hong Kong. The results show that Hong Kong’s housing market is quite open to foreign investment …

This paper investigates whether the inclusion of housing in a household portfolio is important to the household …, and inflation. In addition to financial assets such as stocks and bonds, we incorporate a real asset, residential housing … Expenditure Survey. Since changes in housing return can affect consumption of households over time, we investigate whether the …

measure we use includes financial assets such as stocks and bonds and a real asset, residential housing. In particular, we …

Supersedes Working Paper 13-27. Reverse mortgage loans (RMLs) allow older homeowners to borrow against housing wealth …

by owner-occupied housing whereas unsecured debt can be discharged according to bankruptcy regulations. We show that the …

decisions. We investigate empirically and theoretically the life-cycle patterns of housing and total assets in retirement. Using … an estimated structural model of saving and housing decisions, we find, first, that homeowners dissave slowly because … they prefer to stay in their house as long as possible, but cannot easily borrow against it. Second, the 1996-2006 housing …

decisions. We investigate empirically and theoretically the life-cycle patterns of homeownership, housing and nonhousing assets … in retirement. Using an estimated structural model of saving and housing decisions, we find, first, that homeowners … 1996-2006 housing boom significantly increased homeowners' assets. These channels are quantitatively significant; without …

Should monetary policy lean against housing market booms? We approach this question using a small-scale, regime …-switching New Keynesian model, where housing market crashes arrive with a logit probability that depends on the level of household …