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Late starters or excluded generations? A cohort analysis of catch up in homeownership in England

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Author Info

  • Renata Bottazzi

    ()
    (University of Bologna and Institute for Fiscal Studies)

  • Thomas Crossley

    ()
    (Koc University, University of Cambridge and Institute for Fiscal Studies)

  • Matthew Wakefield

    ()
    (Royal Holloway, University of London and Institute for Fiscal Studies)

Abstract

We investigate whether initial differences in speed of entry into homeownership lead to longlasting differences in ownership between generations. Our data span nearly forty years and multiple cycles of England’s very volatile house prices. We document that ownership rates at thirty have differed substantially, with a significant negative association with prices. To assess the persistence of these differences we use synthetic cohort methods. Measurement error problems – attenuation and other biases - complicate the analysis. Two methods of dealing with this both indicate that cohorts with low ownership rates at thirty close about 80% of the ownership gap by forty.

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File URL: http://eaf.ku.edu.tr/sites/eaf.ku.edu.tr/files/erf_wp_1215.pdf
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Bibliographic Info

Paper provided by Koc University-TUSIAD Economic Research Forum in its series Koç University-TUSIAD Economic Research Forum Working Papers with number 1215.

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Length: 41 pages
Date of creation: Jun 2012
Date of revision:
Handle: RePEc:koc:wpaper:1215

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Keywords: homeownership; synthetic cohort data; measurement error.;

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References

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  1. Steven C. Bourassa & Martin Hoesli, 2006. "Why Do the Swiss Rent?," Swiss Finance Institute Research Paper Series 07-04, Swiss Finance Institute.
  2. Maria Concetta Chiuri & Tullio Jappelli, 2000. "Financial Market Imperfections and Home Ownership: A Comparative Study," CSEF Working Papers 44, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 01 Dec 2000.
  3. Renata Bottazzi & Hamish Low & Matthew Wakefield, 2007. "Why do home owners work longer hours?," IFS Working Papers W07/10, Institute for Fiscal Studies.
  4. Thomas F. Crossley & Yuri Ostrovsky, 2003. "A Synthetic Cohort Analysis of Canadian Housing Careers," Social and Economic Dimensions of an Aging Population Research Papers 107, McMaster University.
  5. Maria Concetta Chiuri & Tullio Jappelli, 2006. "Do the elderly reduce housing equity? An international comparison," CSEF Working Papers 158, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  6. Renata Bottazzi, 2004. "Labour market participation and mortgage related borrowing constraints," IFS Working Papers W04/09, Institute for Fiscal Studies.
  7. Deaton, Angus, 1985. "Panel data from time series of cross-sections," Journal of Econometrics, Elsevier, vol. 30(1-2), pages 109-126.
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Cited by:
  1. Cloyne, James & Surico, Paolo, 2013. "Household Debt and the Dynamic Effects of Income Tax Changes," CEPR Discussion Papers 9649, C.E.P.R. Discussion Papers.

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