A Model of Housing in the Presence of Adjustment Costs: A Structural Interpretation of Habit Persistence
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The paper generalizes the Grossman and Laroque (1990) model of optimal consumption and portfolio allocation in the context in which a durable good (or house) subject to adjustment costs is both an argument of the utility function and a component of wealth. Because the Grossman and Laroque model
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美国国家经济研究局创建时间：
2004-05-01
