The Postwar Conquest of the Home Ownership Dream

Matthew Chambers (), Carlos Garriga () and Don Schlagenhauf

No 2016-7, Working Papers from Federal Reserve Bank of St. Louis

Abstract: Post-World War II witnessed the largest housing boom in recent history. This paper develops a quantitative equilibrium model of tenure choice to analyze the key determinants in the co-movement between home-ownership and house prices over the period 1940-1960. The parameterized model matches key features and is capable of accounting for the observed housing boom. The key driver in understanding this boom is an asymmetric productivity change that favors the goods sector relative to the construction sector. Other factors such as demographics, income risk, and government policy are important determinants of the homeownership rate but have small effect on house prices.

Keywords: Housing finance; first-time buyers; life-cycle (search for similar items in EconPapers)
JEL-codes: E2 E6 (search for similar items in EconPapers)
Pages: 53 pages
Date: 2016-04-12
New Economics Papers: this item is included in nep-dge, nep-mac and nep-ure
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Citations: View citations in EconPapers (2)

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Working Paper: The Postwar Conquest of the Home Ownership Dream (2016)
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DOI: 10.20955/wp.2016.007

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