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In this paper we document significantly steeper declines in nondurable expenditures in the UK compared to the US, in … ownership and expenses, levels and paths of health status, and out-of -pocket medical expenditures. Among all the potential …
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"We show that the hedging benefit of owning a home reduces the variability of housing consumption after a move. When a current home owner's house price covaries positively with housing costs in a future city, changes in the future cost of housing are offset by commensurate changes in wealth...
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