Homeownership Decisions in the Bust
利用丹麦全国微观数据，研究了2008年住房市场萧条期间家庭进入和退出住房拥有的转变，发现年轻、低收入、低教育、单身家庭受房价下跌影响更大，导致住房拥有从年轻家庭向老年家庭显著代际转移。
Abstract We study the transition in and out of homeownership during the 2008 housing market bust, using detailed micro-level data covering the entire Danish population. We document that homeownership decisions for certain groups of households are cyclical. Households which are affected more by falling house prices reduced their likelihood of acquiring a home during the bust more than other households. These households are characterized by lower levels of net worth, lower income, less education, are singles, and younger. Combined with younger households abandoning homeownership more during the bust, the bust contributed to a significant inter-generational shift in homeownership from younger to older households.