Rational Housing Bubble

This paper studies an economy inhabited by overlapping generations of homeowners and investors, with the only difference between the two being that homeowners derive utility from housing services whereas investors do not. Tight collateral constraint limits the borrowing capacity of homeowners and本文研究了一个由房主（homeowners）与投资者（investors）构成的世代交叠经济体。二者唯一的区别在于，房主可从住房服务中获取效用，而投资者则无法获得此类效用。严格的抵押约束限制了房主的借贷能力，且

搜集汇总

背景与挑战

背景概述

该数据集是NBER工作论文'Rational Housing Bubble'，由Bo Zhao于2013年发布，研究了一个经济模型，其中房主和投资者的互动、抵押品约束和租金市场摩擦导致投资者持有空置房屋并形成房地产泡沫。论文特别将模型应用于中国背景，将房地产泡沫与养老金体系替代率下降联系起来，涉及微观经济学、宏观经济学和城市经济学等领域。