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Housing Tenure and Wealth Distribution in Life Cycle Economies
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Pedro Silos
Published/Copyright:
August 9, 2007
Common practice in the housing and wealth distribution literature has proceeded as if the modeling of housing rental markets was unnecessary due to renters' relative low levels of wealth and the smaller fraction they represent in the total population. This paper shows, however, that their inclusion matters substantially when dealing with wealth concentration over the life-cycle. Renters are concentrated in the poorer and younger groups and when matching the data on wealth inequality by age groups, the model improves relative to a one asset economy and relative to a housing model with no rental markets.
Published Online: 2007-8-9
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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- Economic Growth: A Channel Decomposition Exercise
- Liquidity Effects, Variable Time Preference, and Optimal Monetary Policy
- Optimal Monetary Policy, Endogenous Sticky Prices, and Multiple Equilibria
- A Simple Wicksellian Macroeconomic Model
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