HETEROGENEITY, FRICTIONAL ASSIGNMENT, AND HOME‐OWNERSHIP
研究在摩擦性配置动态模型中，住房存量在自有和租赁市场间的构成，发现即使没有金融摩擦或租赁供给限制，富裕家庭倾向于自有、低价值住房倾向于租赁，模型校准后与美国城市数据一致，并探讨了可负担性、自有率和累进房产税的影响。
Abstract We study the composition of the housing stock across ownership and rental markets in a dynamic model of frictional assignment. Houses are rented or sold to heterogeneous households that sort over quality. Due to matching frictions and an increasing ownership surplus, wealthy households tend to own and lower value housing tends to be rented, even without financial frictions or rental supply constraints. When calibrated to match key housing market features of the average U.S. city, the model is consistent with observed empirical relationships across cities. We study the model's implications for affordability, ownership, and the impact of progressive property taxation.