Housing and debt over the life cycle and over the business cycle
通过定量一般均衡模型研究住房和抵押债务，匹配财富分布、住房拥有率和债务的年龄特征，并分析经济周期中住房投资和债务的波动性，发现更高的个人收入风险和更低的首付比例可解释住房投资波动性下降和债务顺周期性减弱。
Housing and mortgage debt are studied in a quantitative general equilibrium model. The model matches wealth distribution, age profiles of homeownership and debt, and frequency of housing adjustment. Over the cycle, the model matches the cyclicality and volatility of housing investment, and the procyclicality of debt. Higher individual income risk and lower downpayments can explain the reduced volatility of housing investment, the reduced procyclicality of debt, and part of the reduced volatility of GDP. In an experiment that mimics the Great Recession, countercyclical financial conditions can account for large drops in housing activity and debt following large negative shocks.