Attanasio, Orazio; Bottazzi, Renata; Low, Hamish; … - In: Review of Economic Dynamics 15 (2012) 1, pp. 1-18
This paper models individual demand for housing over the life-cycle, and shows the implications of this behaviour for aggregate demand. Individuals delay purchasing their first home when incomes are low or uncertain. This delay is exacerbated by downpayment constraints. Higher house prices lead...