Does Home Owning Smooth the Variability of Future Housing Consumption?
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We show that the hedging benefit of owning a home reduces the variability of housing consumption after a move. When a current home owner's house price covaries positively with housing costs in a future city, changes in the future cost of housing are offset by commensurate changes in wealth before
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美国国家经济研究局创建时间：
2010-11-01
