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首页> 外文期刊>Journal of Economic Dynamics and Control >Housing, portfolio choice and the macroeconomy
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Housing, portfolio choice and the macroeconomy

机译：住房，投资组合选择和宏观经济

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This paper investigates the properties of the wealth distribution and the portfolio composition regarding housing and equity holdings, and their relationship to macroeconomic shocks. To this end, I construct a business cycle model in which agents differ in age, income and wealth. Housing provides shelter services and serves as collateral for loans. The model is consistent with several facts such as the life-cycle pattern of housing-to-wealth ratios, the larger degree of concentration for non-housing wealth, the smaller weight of housing in richer households' portfolios as well as the larger housing-to-wealth ratios in recessions. In addition, the model shows that while relaxing the collateral constraint does not impact the business cycle dynamics for the entire economy, it significantly alters the behavior of residential and business investment for the younger and poorer fraction of the population.
机译：本文研究了与住房和股票持有有关的财富分配和投资组合构成的性质，以及它们与宏观经济冲击的关系。为此，我构建了一个业务周期模型，其中代理商的年龄，收入和财富有所不同。住房提供住房服务，并作为贷款的抵押品。该模型与几个事实相吻合，例如住房与财富比率的生命周期模式，非住房财富集中度越高，富裕家庭投资组合中住房权重越小以及经济衰退中的财富比率。此外，该模型表明，放宽抵押品约束不会影响整个经济的商业周期动态，但会显着改变年轻人口和贫困人口的住宅和商业投资行为。

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