Housing Over the Life Cycle: A Structural Estimation

Rui Yao, Haiyong Liu and Wenli Li
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Rui Yao: Baruch College
Haiyong Liu: East Carolina University

No 701, 2008 Meeting Papers from Society for Economic Dynamics

Abstract: understanding of housing market developments on general activities. We use the estimated model to conduct policy experiments and find that consumption responds nonlinearly to changes in housing wealth with an average marginal propensity to consume out of housing wealth of about 5 percent.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed008:701

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