ECB paper analyses US home ownership
Labour market dynamics and rising house prices account for generational inequality, researcher says
A working paper published by the European Central Bank investigates the economic impact of falling home ownership rates in the US.
In Homeownership and portfolio choice over the generations, Gonzalo Paz-Pardo looks at data from 1968 to 2017. He analyses this using a life-cycle heterogeneous-agent model, which simulates agents’ choice of assets for their portfolios. The model captures a “rich structure of risks that includes flexible household earnings risk and asset return risk, which are
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