2021 KLEIN LECTURE: AMERICAN DREAM DELAYED: SHIFTING DETERMINANTS OF HOMEOWNERSHIP
利用面板数据构建女性劳动供给、生育与首次购房的动态模型，发现房价上涨和女性工资率上升（即闲暇的机会成本）导致美国家庭推迟首次购房，而教育和女性劳动参与则起促进作用。
Abstract We develop and estimate a dynamic model of female labor supply, fertility, and transition from renting to first homeownership with panel data, to investigate declining U.S. homeownership over the past decades. Higher house prices and increased female wage rates (that is the opportunity cost of leisure) cause households to postpone their first‐home purchase, because leisure and fertility are complementary to homeownership. Education and female workforce participation are reinforcing factors that raise the value of owning a home. Our estimates show the effects of rising house prices and wage rates more than offset the effects of greater education and workforce participation.