high saving rate to fast-rising housing prices in China. However, cross-sectional data do not show a significant … relationship between housing prices and household saving rates. This article uses a simple consumption-saving model to explain why … rising housing prices per se cannot explain China's high household saving rate. Although borrowing constraints and …

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

uninsurable idiosyncratic risks, where the agents make entrepreneurial, housing and bankruptcy choices. In the model, house is …

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 …

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 …

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 …

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 …