This paper constructs a quantitative lifecycle model with uninsurable labor income and aggregate housing return risk to … assess how Korean households make saving and portfolio allocation decisions. The model incorporates the special roles housing … housing value. The model adds to existing models of wealth accumulation some unique institutional features present in Korea …

In this paper, we study a household’s optimal life-cycle housing choices by calibrating a model with uninsurable … choose to convert illiquid home equity to liquid asset to finance non-housing consumption in the absence of lower borrowing … the importance of labor income and house price risks in housing decisions. In comparison to the benchmark case, a higher …

This paper produces new evidence and stylised facts on housing, wealth accumulation and wealth distribution, relying on … questions: i) How is homeownership and housing tenure distributed across the population along various socio …-economic characteristics such as income, wealth and age? What is the weight of housing in households’ balance sheets and how does this vary …

and saving for young and old home-owners, both through a direct wealth eff ect and through housing equity serving as …

The empirical literature has demonstrated that housing assets exhibit larger wealth effects than stocks (or, more … broadly, financial assets), which is often interpreted as a larger MPC (Marginal Propensity of Consumption) out of housing … wealth. Still, the question remains as to whether this stylized fact has anything to do with the collaterality of housing …

and saving for young and old home-owners, both through a direct wealth eff ect and through housing equity serving as …