没有家庭收入的不确定性如何影响房屋的决定呢?从收入动态和消费支出调查小组研究中使用的数据,对自置居所比率显著的负面影响了收入的不确定性,对家庭资产收入的比例,对房子的价值总财富的比例,住房的比例nonhousing消费。此外,负面影响是一个家庭的投资组合选择模型,其特点大的住房交易成本和温和的房价和收入之间呈正相关一致。
朱国钟博士,光华管理学院应用经济学系助理教授。他本科毕业于复旦大学经济学系,后在德州农机大学获得金融和数学的硕士学位。2009年,他于德州大学奥斯丁校区获得经济学博士学位。他现在的学术兴趣主要在于宏观经济、房地产经济、劳动经济、消费理论和投资理论。
How does households' income uncertainty affect housing decisions? Using data from the Panel Study of Income Dynamics and Consumer Expenditure Survey, this paper documents a significant negative effect of income uncertainty on the rate of home ownership, on the ratio of home equity to income, on the ratio of house value to total wealth, and on the ratio of housing to nonhousing consumption. In addition, this paper shows that the negative effect is consistent with a household portfolio choice model which features large housing transaction costs and moderate positive correlation between house price and income.在职研究生网