Current Wealth Constraints on the Housing Demand of Young Owners
提出住房需求模型中应分解永久财富约束，并利用加拿大微观数据验证年轻房主的当前净资产比劳动收入更能解释住房需求量和弹性。
In addition to generating housing services, owner-occupied housing units constitute a lumpy, risky asset in household portfolios. Analysis of these dual consumption/investment roles suggests the permanent wealth budget constraint in housing demand models should be decomposed into permanent returns from human capital and current net worth. For young owners, current net worth is hypothesized to be the dominant wealth component determining the quantity of housing demanded. Using a Canadian microdata base, evidence is found that net worth does provide both greater explanatory power and higher elasticities than labor earnings. Copyright 1990 by MIT Press.