House Prices and the Decision to Save for Down Payments
研究房价如何影响租房者为购房而储蓄的决策，利用加拿大首次购房者税收递延储蓄计划数据，发现房价每上涨4000美元，储蓄概率降低1个百分点，且每千美元房价上涨对应储蓄资产减少300美元。
This paper examines the responsiveness of renters′ decisions to save for home purchase to house prices. I use membership in a tax-deferred savings program for prospective first-time home buyers in Canada to identify renter households who are saving for a down payment. I find that high house prices substantially reduce the probability of households saving for a down payment: a $4000 increase in house prices decreases the probability of saving for a down payment by one percentage point. In addition, households saving for home purchase have $300 less in accumulated assets for every $1000 higher increment to house prices.