Can Housing Collateral Explain Long-Run Swings in Asset Returns?
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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.
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美国国家经济研究局创建时间：
2006-12-01
