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generates a new speculative motive for homeownership. In particular, we show how good and bad housing market cycles affect … homeownership rates, leverage, stock investments and consumption and can explain empirically observed household behavior during …
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In this paper, we attempt to explain differences between the US and UK household wealth distributions, with an emphasis on the quite different porfolios held in stock and housing equities in the two countries. As a proportion of their total wealth, British households hold relatively small...
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