Asset Ownership and the Threat to Sell
In: Journal of economics, Band 80, Heft 1, S. 1-25
ISSN: 1617-7134
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In: Journal of economics, Band 80, Heft 1, S. 1-25
ISSN: 1617-7134
In: Economica, Band 83, Heft 329, S. 31-58
ISSN: 1468-0335
In: Swedish House of Finance Research Paper No. 21-08
SSRN
Working paper
In: American economic review, Band 113, Heft 12, S. 3173-3212
ISSN: 1944-7981
Homeownership is widely stimulated by policy, yet its economic effects are poorly understood. We exploit quasi-random variation in homeownership generated by privatization decisions of municipally owned buildings and use granular data on demographics, income, housing, financial wealth, and debt that allow us to construct high-quality measures of spending. Homeownership causes wealth accumulation via house price appreciation, increases consumption, and improves consumption smoothing across time and states of the world. It increases mobility for young households, who move up the property ladder, and amplifies wealth accumulation for older households, who take more risk in their financial portfolio. (JEL D15, E21, G51, R21, R23, R31, R38)
In: Swedish House of Finance Research Paper No. 16-11
SSRN
In: NBER Working Paper No. w22882
SSRN