Can Housing Collateral Explain Long-Run Swings in Asset Returns?
收藏NBER2006-12-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w12766
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资源简介：
To explain the low-frequency variation in US equity and debt returns in the 20th century, we solve an equilibrium model in which households face housing collateral constraints. An increase in the ratio of housing to human wealth loosens these borrowing constraintsthus allowing for more risk sharing.
提供机构：
美国国家经济研究局
创建时间：
2006-12-01
