【主讲】朱国钟 (北大光华管理学院)
【主题】Housing Decisions Under Uncertain Income
【时间】2011年11月25日 (周五) 15：30-17：00
【地点】上海财经大学经济学院楼801室
【语言】英文
【摘要】How does households' income uncertainty affect housing decisions? Using data from the Panel Study of Income Dynamics and Consumer Expenditure Survey, this paper documents a significant negative effect of income uncertainty on the rate of home ownership, on the ratio of home equity to income, on the ratio of house value to total wealth, and on the ratio of housing to nonhousing consumption. In addition, this paper shows that the negative effect is consistent with a household portfolio choice model which features large housing transaction costs and moderate positive correlation between house price and income.
