make decisions based on their perceived level of housing wealth. Numerical simulations generate the effects of house value …

-cycle model of household decisions involving consumption of both perishable goods and housing services, stochastic and unspanned …

In a calibrated consumption-portfolio model with stock, housing, and labor income predictability, we disentangle the … studies confirm the relative importance of luck and document that, if anything, housing predictability is more important than …

policy, considering housing tenure choices over the life cycle. Our analysis also identifies challenges for monetary policy … related to housing busts. It focuses on the four largest economies in the euro area: France, Germany, Italy, and Spain …. Across groups with different housing tenure, we find that the consumption response of homeowners to interest rate changes …

make decisions based on their perceived level of housing wealth. Numerical simulations generate the effects of house value …

demonstrates how the share of total wealth held in housing is sensitive to the rate of inflation, even when perfectly anticipated …

explores the interconnection of macroeconomics, finance, and housing. We focus on three major topics—housing and the business … cycle, housing and portfolio choice, and housing and asset returns—and then review the recent literature that studies … housing and the macroeconomy during the great housing boom and bust of 2000–2010. Our emphasis is on calibrated models that …

The paper constructs a model of optimal portfolio allocation that focuses on the role of housing as collateral, allows … for house price risk, and assumes that altering the quantity of housing incurs an adjustment cost. Because of the … both the value of the housing state variable and the household's degree of relative risk aversion. Empirical results using …