Identifying the Benefits from Homeownership: A Swedish Experiment
利用瑞典市政住房私有化产生的准随机变异，研究发现自有住房通过房价上涨促进财富积累，增加消费并改善跨期平滑，同时提高年轻家庭流动性并放大老年家庭的风险承担。
Homeownership is widely stimulated by policy, yet its economic effects are poorly understood. We exploit quasi-random variation in homeownership generated by privatization decisions of municipally owned buildings and use granular data on demographics, income, housing, financial wealth, and debt that allow us to construct high-quality measures of spending. Homeownership causes wealth accumulation via house price appreciation, increases consumption, and improves consumption smoothing across time and states of the world. It increases mobility for young households, who move up the property ladder, and amplifies wealth accumulation for older households, who take more risk in their financial portfolio.