HOUSING OVER TIME AND OVER THE LIFE CYCLE: A STRUCTURAL ESTIMATION
构建了最优生命周期住房与非住房消费模型，估计两者替代弹性为0.487，并模拟房价与收入波动的影响，发现高替代性或高卖房成本会放大对非住房消费的冲击。
We construct a model of optimal life‐cycle housing and nonhousing consumption and estimate the elasticity between the two goods to be 0.487. The estimate is robust to different assumptions of housing adjustment cost, but sensitive to the choice of sample period and the degree of aggregation of data moments. We then conduct experiments in which house prices and household income fluctuate. Compared with the benchmark, the impact of the shocks on homeownership rates is reduced, but the impact on nonhousing consumption is magnified when housing service and nonhousing consumption are highly substitutable or when the house selling cost is sizable.