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Housing Over the Life Cycle: A Structural Estimation

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Author Info

  • Rui Yao

    (Baruch College)

  • Haiyong Liu

    (East Carolina University)

  • Wenli Li

    (Federal Reserve Bank of Philadelphia)

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    Abstract

    understanding of housing market developments on general activities. We use the estimated model to conduct policy experiments and find that consumption responds nonlinearly to changes in housing wealth with an average marginal propensity to consume out of housing wealth of about 5 percent.

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    File URL: http://www.economicdynamics.org/meetpapers/2008/paper_701.pdf
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    Bibliographic Info

    Paper provided by Society for Economic Dynamics in its series 2008 Meeting Papers with number 701.

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    Date of creation: 2008
    Date of revision:
    Handle: RePEc:red:sed008:701

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    Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Karl E. Case, John M. Quigley, Robert J. Shiller., 2001. "Comparing Wealth Effects: The Stock Market versus The Housing Market," Economics Working Papers E01-308, University of California at Berkeley.
    2. Grossman, Sanford J & Laroque, Guy, 1990. "Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods," Econometrica, Econometric Society, vol. 58(1), pages 25-51, January.
    3. Daniel Feenberg & Elisabeth Coutts, 1993. "An introduction to the TAXSIM model," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 12(1), pages 189-194.
    4. Joao F. Cocco, 2005. "Portfolio Choice in the Presence of Housing," Review of Financial Studies, Society for Financial Studies, vol. 18(2), pages 535-567.
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    Cited by:
    1. Song, In Ho, 2010. "House Prices and Consumption," MPRA Paper 27481, University Library of Munich, Germany.

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