Housing Purchases and Transitory Income: A Study with Panel Data
利用面板数据，通过新方法区分永久和暂时性收入，发现暂时性收入在家庭购房决策（是否购买及购买数量）中起重要作用，对理解信贷约束下的住房行为有参考价值。
In this paper we explore the role of transitory income in the housing purchase decision. Because of moral hazard considerations banks typically require downpayments to be financed internally, hence transitory income is potentially important in overcoming the downpayment constraint. Using a novel approach to the measurement of permanent and transitory income, we estimate a two-stage model in which households decide whether to purchase housing in the first stage and the quantity to be purchased in the second. The results indicate a significant role for transitory income in both decision stages.