A Model of Housing in the Presence of Adjustment Costs: A Structural Interpretation of Habit Persistence
构建了一个包含住房消费和投资、且住房调整成本非凸的家庭消费与资产组合模型，用于解释资产组合、风险厌恶、资产定价和非耐用品消费的动态特征。
The paper provides a model of household consumption and portfolio allocation which incorporates housing as both a consumption good and a component of wealth. Household utility depends, possibly nonseparably, on two goods: nondurable consumption, which is costlessly adjustable, and housing, which is subject to a nonconvex adjustment cost. Households face housing price risk in the sense that the relative price of housing varies over time, and can invest in a wide variety of financial assets in addition to housing. This single, reasonably tractable, model generates testable implications for portfolio allocation, risk aversion, asset pricing, and the dynamics of nondurable consumption.