Housing, Distribution, and Welfare
研究发现，住房价格波动通过杠杆家庭引发大规模再分配和消费波动，而完善的租赁市场是保障年轻人和穷人免受市场波动的有效方式，但购房补贴和杠杆限制对不同年龄群体有不同影响。
Abstract Housing is a long‐lived asset whose value is sensitive to variations in expectations of long‐run growth rates and interest rates. When a large fraction of households has leverage, housing price fluctuations cause large‐scale redistribution and consumption volatility. We find that a practical way to insure the young and the poor from the housing market fluctuations is through a well‐functioning rental market. In practice, homeownership subsidies keep the rental market small and the housing cycle affects aggregate consumption. Removing homeownership subsidies hurts old homeowners, while leverage limits hurt young homeowners.