GROWTH, HOUSING, AND GLOBAL IMBALANCES
研究美国与中国等亚洲经济体在金融一体化后，因生产率增长、工资生命周期模式等差异，导致住房价格和经常账户失衡的不同表现，发现工资收入的生命周期模式差异是关键因素。
Abstract In the decade leading to the Great Recession, the United States experienced rising house prices and current account deficits, whereas China and other fast‐growing Asian economies saw rising house prices accompanied by current account surpluses. To explain these differences, we study a transition path in a two‐country life‐cycle model with housing once the two economies become financially integrated. We allow for asymmetries in productivity growth, the loan‐to‐value ratio, the life‐cycle wage profile, and the population structure across countries. Our findings highlight that differences in the life‐cycle pattern of the wage income profile are key to obtaining our results.