Precaution and liquidity in the demand for housing
利用抵押贷款数据，研究了流动性约束和预防性动机对住房需求的影响，发现非流动性约束家庭消费住房服务符合生命周期假说且具有显著预防性成分，而流动性约束家庭对终身收入波动反应较弱，但银行执行约束并不严格。
We exploit cross-sectional mortgage data to investigate the importance of liquidity constraints and a precautionary motive in the demand for housing. Households that are not liquidity constrained consume housing services essentially as the life cycle hypothesis suggests but with a significant precautionary component. Households that are liquidity constrained, in terms of not meeting standard loan-to-value or payments-to-income constraints, are similar to unconstrained households in most respects, including the precautionary motive, but they respond somewhat less to fluctuations in their lifetime income - suggesting some influence of bank-induced liquidity constraints. We additionally find, however, that banks enforce liquidity constraints only weakly.