Homeownership and Portfolio Choice over the Generations
研究发现，1960年代和1980年代出生家庭的收入风险更高且更不平等，这解释了年轻一代住房拥有率下降的主要原因，低收入家庭更难购房并积累更少财富。
Earnings are riskier and more unequal for households born in the 1960s and 1980s than for those born in the 1940s. Despite improvements in financial conditions, younger generations are less likely to be living in their own homes than older generations at the same age. By using a life cycle model with housing and portfolio choice that includes flexible earnings risk and aggregate asset price risk, I show that changes in earnings dynamics account for a large part of the reduction in homeownership across generations. Lower-income households find it harder to buy housing and, as a result, accumulate less wealth.