Saving up or settling down: Home ownership over the life cycle
构建包含内生价格波动的Bewley模型，分析金融约束、住房流动性不足和房价风险如何影响生命周期中的住房拥有率，发现储蓄和搬迁倾向同样重要。
In a Bewley model with endogenous price volatility, home ownership and mobility across locations and jobs, we assess the contribution of financial constraints, housing illiquidities and house price risk to home ownership over the life cycle. The model can explain the rise in home ownership and fall in mobility over the life cycle. While some households rent due to borrowing constraints in the mortgage market, factors that affect propensities to save and move, such as risky house values and transactions costs, are equally important determinants of the ownership rate.