A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the … fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing … services) to those short housing. In a closed economy representative agent model (the special case when the birth rate is zero …

A fall in house prices due to a change in its fundamental value redistributes wealth from those long housing (for whom … housing services) to those short housing. In a closed economy representative agent model and in the Yaari-Blanchard OLG model … those long housing (the old, say) and those short housing (the young, say) and (2) collateral or credit effects due to the …

A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the … fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing … services) to those short housing. In a representative agent model and in the Yaari-Blanchard OLG model used in the paper, there …

A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the … fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing … services) to those short housing. In a representative agent model and in the Yaari-Blanchard OLG model used in the paper, there …

A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the … fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing … services) to those short housing. In a closed economy representative agent model (the special case when the birth rate is zero …

A fall in house prices due to a change in its fundamental value redistributes wealth from those long housing (for whom … housing services) to those short housing. In a closed economy representative agent model and in the Yaari-Blanchard OLG model … those long housing (the old, say) and those short housing (the young, say) and (2) collateral or credit effects due to the …