ACCOUNTING FOR CHANGES IN THE HOMEOWNERSHIP RATE*
通过构建定量一般均衡世代交叠模型，分析1994-2005年住房拥有率上升的原因，发现抵押贷款创新解释了56-70%的增长，而人口变化影响较小。
This article accounts for the boom in homeownership from 1994 to 2005 by examining the roles of demographic changes and mortgage innovations. To measure the impact of these factors, we construct a quantitative general equilibrium overlapping generation model with housing. In the long‐run, mortgage innovation accounts for between 56 and 70% of the increase whereas demographics account for a much smaller portion. We test this result by considering changes in mortgages after 1940. We find that the introduction of the conventional fixed rate mortgage accounts for at least 50% of the observed increase in homeownership during that period.