HOUSE PRICES AND CONSUMPTION INEQUALITY
利用生命周期模型研究房价冲击如何影响消费不平等，并用英国数据验证模型能解释大部分消费不平等变动。
Abstract I characterize how house price shocks affect consumption inequality using a life cycle model of housing and nonhousing consumption with incomplete markets. I derive analytical expressions for the dynamics of inequalities and use these to analyze large house prices swings seen in the United Kingdom. I show that movements in consumption inequality were large, that they correspond with the theoretical predictions qualitatively, and that the model explains a large fraction of the movements quantitatively. I demonstrate the accuracy of this analysis using an extended model's full nonlinear solution. Finally, accounting for house price shocks alters estimates of labor–income risks using cross‐sectional data.