An Aggregate Economy with Different Size Houses
构建了一个包含不同大小住房和流动资产的总体经济模型，模拟家庭因收入风险而储蓄、购房、换房和卖房的生命周期行为，以再现现代经济中收入分布和住房分布等关键特征。
We build an aggregate model with different size houses and liquid assets. Typical households are born, are subject to idiosyncratic earnings risk and save for both life cycle reasons and housing rea-sons. Typically, a subset of these households, after accumulating some assets, put a down payment and buy a small, starter’s, house or flat. As time passes, some households upgrade to a larger and nicer house. Households with houses may also eventually down-grade to a flat or even to no house and flat owners may sell. Our specification attempts to replicate some important features of modern aggregate economies: The distribution of earnings and ∗This paper was prepared for the 2006 Summer Meetings of the European Eco-nomic Association. V. Sánchez-Marcos is thankful for research funding from the