Housing Market Dynamics
构建了一个生命周期模型，研究收入异质家庭在首付约束下的住房市场波动，发现年轻信贷受限家庭的收入独立影响房价，且放松首付约束会引发繁荣-萧条周期，结果与美英数据一致。
This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households are heterogeneous with respect to income and preferences, and mortgage lending is restricted by a down-payment requirement. The market interaction of young credit-constrained households with older or richer unconstrained households generates the following results. (1) Current income of young credit-constrained households affects housing prices independently of aggregate income. (2) Housing prices and the number of housing transactions are positively correlated. (3) Housing prices over-react to income shocks. (4) A relaxation of the down-payment constraint triggers a boom-bust cycle. These results are consistent with patterns observed in the US and the UK.