support for housing prices as a driving force of consumption fluctuations. … specified aggregate Euler equation for consumption. I develop a simple two-agent, dynamic general equilibrium model in which … home (collateral) values affect debt capacity and consumption possibilities for a fraction of the households. I then derive …

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 before the move. Using Census micro-data, we find that the cross …

This chapter surveys the literature on housing in macroeconomics. We first collect facts on house prices and quantities … in both the time series and the cross section of households and housing markets. We then present a theoretical model of … frictional housing markets with heterogeneous agents that nests or provides background for many studies. Finally, we describe …

- namely, full-time employment, housing affordability and migration flows - to help look through the volatility. The results …

- namely, full-time employment, housing affordability and migration flows - to help look through the volatility. The results …

Housing wealth is about one half of household net worth, and consumption is a considerable fraction (about two thirds … consumption in the same direction. This observation has led many economists, commentators and policy makers to study how housing … wealth and consumption are linked together. A sizable portion of the comovement between housing wealth and consumption …

choice of location, thereby offering an initial step to understanding how housing services influence non-durable consumption … perfect foresight. In this setting, the consumption and saving decisions of city residents are determined jointly with their …, and vice versa. Housing, supplied by profit-maximizing land owners, is distinguished from more non-descript varieties of …

women) can help explain measurable outcomes such as marriage formation, intra-marriage distribution of consumption goods …

women) can help explain measurable outcomes such as marriage formation, intra-marriage distribution of consumption goods …