Housing, Distribution and Welfare
| Autor: | Alexander Michaelides, Kalin Nikolov, Nobuhiro Kiyotaki |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Consumption (economics)
History education.field_of_study Labour economics Leverage (finance) Polymers and Plastics business.industry media_common.quotation_subject Population Subsidy Redistribution (cultural anthropology) Industrial and Manufacturing Engineering Interest rate Renting Economics Asset (economics) Business and International Management education business media_common |
| Zdroj: | SSRN Electronic Journal. |
| ISSN: | 1556-5068 |
| DOI: | 10.2139/ssrn.3584351 |
| Popis: | Housing is a long-lived asset whose value is sensitive to variations in long-term growth and interest rates. When a large fraction of the population is leveraged, housing price fluctuations cause large-scale redistribution and consumption volatility. We find that a practical way to insure the young and the poor from the housing cycle is through a well-functioning rental market. In practice, home-ownership subsidies keep the rental market small and the housing cycle affects aggregate consumption. Removing home-ownership subsidies hurts older home-owners, while leverage limits hurt younger home-owners. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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