Housing Collateral, Consumption Insurance and Risk Premia: An Empirical Perpective
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In a model with housing collateral, the ratio of housing wealth to human wealth shifts the conditional distribution of asset prices and consumption growth. A decrease in house prices reduces the collateral value of housing, increases household exposure to idiosyncratic risk, and increases the
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美国国家经济研究局创建时间：
2003-09-01
