Household Leverage
构建了一个生命周期模型，研究风险厌恶家庭如何通过首付比例来应对房价波动和失业风险，发现高房价波动促使家庭提高首付，而失业风险则降低家庭杠杆。
I propose a life‐cycle model where a finitely lived risk‐averse household finances its housing investment by opting to provide a down payment. Given that the household may default, risk‐neutral lenders efficiently charge a default premium to hedge against expected losses. This has two major consequences. First, the higher the house price volatility, the higher the down payment the household provides to decrease the volatility of the equity share in the house. Second, in the presence of borrowing constraints, higher risk of unemployment persistence and/or a substantial drop in labor income decreases the leveraged position the household takes on.