Rent or Buy? Inflation Experiences and Homeownership within and across Countries
研究发现过去的通胀经历会强烈预测个人是否拥有住房，基于22个欧洲国家数据和美国移民调查，通胀保护是购房的重要动机。
ABSTRACT We show that past inflation experiences strongly predict homeownership within and across countries. First, we collect novel survey data, which reveal inflation protection to be a key motivation for homeownership, especially after high inflation experiences. Second, using household data from 22 European countries, we find that higher exposure to historical inflation predicts higher homeownership rates. We estimate similar associations among immigrants to the United States who experienced different past inflation in their home countries but face the same U.S. housing market. Consistent with the experience effects model, the relationship is strongest in countries with predominantly fixed‐rate mortgages.