Houses and Families across Countries

Alessandra Peter, Martin Schneider and Monika Piazzesi
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Alessandra Peter: Stanford University
Martin Schneider: Stanford University
Monika Piazzesi: Stanford University

No 305, 2019 Meeting Papers from Society for Economic Dynamics

Abstract: This paper studies joint variation in family structure and housing across European countries. We add to a standard consumption savings problem with housing (i) a home production technology such that the expenditure share on housing is larger for singles than couples and (ii) the option of cohabitation with parents that provides informal rental and credit markets. Assumption (i) is strongly supported by HCFS consumption data and helps explain why singles rent more than couples within countries. Cross country comparisons point to two distinct forces: in Southern Europe, weak rental markets increase ownership rates as well as cohabitation and savings by the young. Within Northern Europe, better credit markets increase ownership rates, but discourage cohabitation and savings.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed019:305

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