The Life‐Cycle Effects of House Price Changes
构建生命周期模型，分析房价变动对不同年龄房主和租户的消费与福利影响，发现房价上涨仅改善老年房主福利，而年轻房主和租户因住房成本上升而受损。
We develop a life‐cycle model that explicitly incorporates the dual feature of housing as both a consumption good and an investment asset. Our analysis indicates that the consumption and welfare consequences of house price changes on individual households vary significantly. In particular, the non‐housing consumption of young and old homeowners is much more sensitive to house price changes than that of middle‐aged homeowners. More importantly, while house price appreciation increases the net worth and consumption of all homeowners, it only improves the welfare of old homeowners. Renters and young homeowners are worse off due to higher lifetime housing consumption costs.