This chapter surveys the literature on housing in macroeconomics. We first collect facts on
house prices and quantities in both the time series and the cross section of households and …

Why are some people wealthy while others are poor? To what extent can governments affect
inequality? Which instruments should they use? Answering these questions requires …

内容提要: 本文构建了一个包含房价高速增长, 住房需求内生和生命周期特征的Bewley 模型,
用于研究高房价对中国城镇居民储蓄率和财产不平等的影响. 我们发现, 房价的高速增长通过 …

We study the effects of a credit crunch on consumer spending in a heterogeneous-agent
incomplete-market model. After an unexpected permanent tightening in consumers' …

Much of macroeconomics is concerned with the allocation of physical capital, human capital,
and labor over time and across people. The decisions on savings, education, and labor …

Using data from the Consumer Expenditure Survey, we first document that the recent
increase in income inequality in the US has not been accompanied by a corresponding rise …

This paper studies a quantitative general equilibrium model of housing. The model has two
key elements not previously considered in existing quantitative macro studies of housing …

In the United States, the percentage standard deviation of residential investment is more
than twice that of nonresidential investment. In addition, GDP, consumption, and both types …

We review studies of the impact of credit constraints on the accumulation of human capital.
Evidence suggests that credit constraints have recently become important for schooling and …

Consumer bankruptcy provides partial insurance against bad luck, but, by driving up interest
rates, makes life-cycle smoothing more difficult. We argue that to assess this trade-off one …