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Explaining Life-Cycle Profiles of Home-Ownership and Labour Supply

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  • IFS,Renata Bottazzi, Institute for Fiscal Studies,Hamish Low, University of Cambrdige
  • Renata Bottazzi

    ()
    (-- Institute for Fiscal Studies)

  • Orazio Attanasio

    (University College London and IFS)

  • Hamish Low

    (University of Cambrdige and IFS)

  • Lars Nesheim

    (University College London and IFS)

  • Matthew Wakefield

    (Institute for Fiscal Studies)

Abstract

In this paper we show the extent that home ownership varies over the life-cycle and differs by cohort and by education. We explain these differences in a calibrated model of life-cycle behaviour where households choose labour supply and consumption and also home-ownership status. Home-ownership is associated with greater labour supply both in the model and in the data. We use the model to show the effect that alternative assumptions on capital market imperfections make to home-ownership and to labour supply. Increases in downpayment requirements lead to delays in home ownership. Decreases in the permitted debt to income ratio lead to less home-ownership across the life-cycle

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Bibliographic Info

Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2006 with number 511.

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Date of creation: 04 Jul 2006
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Handle: RePEc:sce:scecfa:511

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Cited by:
  1. Juan Contreras & Joseph Nichols, 2009. "Consumption Responses to Permanent and Transitory Shocks to House Appreciation: Working Paper 2009-05," Working Papers 41876, Congressional Budget Office.
  2. Juan Contreras & Joseph Nichols, 2010. "Consumption responses to permanent and transitory shocks to house appreciation," Finance and Economics Discussion Series 2010-32, Board of Governors of the Federal Reserve System (U.S.).
  3. Jan Rouwendal, 2009. "Housing Wealth and Household Portfolios in an Ageing Society," De Economist, Springer, vol. 157(1), pages 1-48, March.

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