THE WEALTH DISTRIBUTION WITH DURABLE GOODS*
研究了美国住房财富分布不平等现象，通过构建包含耐用品和抵押信贷的一般均衡模型，发现收入冲击持续性、住房市场摩擦和租赁市场共同解释了观察到的财富构成模式。
In the United States, the distribution of houses is less egalitarian than that of earnings for the total population, but these two distributions are remarkably similar for homeowners. Additionally, housing as a fraction of total wealth decreases with the level of wealth. In order to understand the different factors that account for these wealth composition patterns, we introduce illiquid houses and collateral credit in a general equilibrium model of heterogeneous agents with idiosyncratic uncertainty. A combination of very persistent shocks to earnings, frictions in the housing market, and a rental market is necessary to obtain numbers in line with the evidence.