메뉴 건너뛰기




Volumn 98, Issue 1, 2008, Pages 474-495

A model of housing in the presence of adjustment costs: A structural interpretation of habit persistence

Author keywords

[No Author keywords available]

Indexed keywords


EID: 41849109538     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/aer.98.1.474     Document Type: Article
Times cited : (146)

References (49)
  • 1
    • 0003007882 scopus 로고
    • Asset Prices under Habit Formation and Catching up with the Joneses
    • Abel, Andrew B. 1990. "Asset Prices under Habit Formation and Catching up with the Joneses." American Economic Review, 80(2): 38-42.
    • (1990) American Economic Review , vol.80 , Issue.2 , pp. 38-42
    • Abel1    Andrew, B.2
  • 2
    • 41849113325 scopus 로고
    • Optimal Durable and Nondurable Consumption with Transactions Costs: Board of Governors of the Federal Reserve System (U.S.)
    • Beaulieu, J. Joseph. 1993. "Optimal Durable and Nondurable Consumption with Transactions Costs: Board of Governors of the Federal Reserve System (U.S.)." Finance and Economics Discussion Series: 93-12.
    • (1993) Finance and Economics Discussion Series , pp. 93-12
    • Beaulieu, J.J.1
  • 3
    • 0000701956 scopus 로고
    • Adjustment Costs, Durables, and Aggregate Consumption
    • Bernanke, Ben. 1985. "Adjustment Costs, Durables, and Aggregate Consumption." Journal of Monetary Economics, 15(1): 41-68.
    • (1985) Journal of Monetary Economics , vol.15 , Issue.1 , pp. 41-68
    • Bernanke, B.1
  • 4
    • 0031501147 scopus 로고    scopus 로고
    • Consumption and Investment Motives and the Portfolio Choices of Homeowners
    • Brueckner, Jan K. 1997. "Consumption and Investment Motives and the Portfolio Choices of Homeowners." Journal of Real Estate Finance and Economics, 15(2): 159-80.
    • (1997) Journal of Real Estate Finance and Economics , vol.15 , Issue.2 , pp. 159-180
    • Brueckner, J.K.1
  • 5
    • 85055295231 scopus 로고
    • Durable Goods: An Explanation for Their Slow Adjustment
    • Caballero, Ricardo J. 1993. "Durable Goods: An Explanation for Their Slow Adjustment." Journal of Political Economy, 101(2): 351-84.
    • (1993) Journal of Political Economy , vol.101 , Issue.2 , pp. 351-384
    • Caballero, R.J.1
  • 6
    • 0032771542 scopus 로고    scopus 로고
    • By Force of Habit: A Consumption-Based Explanation of Aggregate Stock Market Behavior
    • Campbell, John Y., and John H. Cochrane. 1999. "By Force of Habit: A Consumption-Based Explanation of Aggregate Stock Market Behavior." Journal of Political Economy, 107(2): 205-51.
    • (1999) Journal of Political Economy , vol.107 , Issue.2 , pp. 205-251
    • Campbell, J.Y.1    Cochrane, J.H.2
  • 7
    • 0001265187 scopus 로고    scopus 로고
    • Canner, Niko, N. Gregory Mankiw, and David N. Weil. 1997. An Asset Allocation Puzzle. American Economic Review, 87(1): 181-91.
    • Canner, Niko, N. Gregory Mankiw, and David N. Weil. 1997. "An Asset Allocation Puzzle." American Economic Review, 87(1): 181-91.
  • 8
    • 0024569535 scopus 로고
    • The Efficiency of the Market for Single-Family Homes
    • Case, Karl E., and Robert J. Shiller. 1989. "The Efficiency of the Market for Single-Family Homes." American Economic Review, 79(1): 125-37.
    • (1989) American Economic Review , vol.79 , Issue.1 , pp. 125-137
    • Case, K.E.1    Shiller, R.J.2
  • 9
    • 33644583649 scopus 로고    scopus 로고
    • Consumption Commitments: Neoclassical Foundations for Habit Formation
    • Unpublished
    • Chetty, Raj, and Adam Szeidl. 2004. "Consumption Commitments: Neoclassical Foundations for Habit Formation." Unpublished.
    • (2004)
    • Chetty, R.1    Szeidl, A.2
  • 10
    • 84935322716 scopus 로고
    • Habit Formation: A Resolution of the Equity Premium Puzzle
    • Constantinides, George M. 1990. "Habit Formation: A Resolution of the Equity Premium Puzzle." Journal of Political Economy, 98(3): 519-43.
    • (1990) Journal of Political Economy , vol.98 , Issue.3 , pp. 519-543
    • Constantinides, G.M.1
  • 11
    • 8744260910 scopus 로고    scopus 로고
    • Maintenance and the Home Equity of the Elderly
    • Unpublished
    • Davidoff, Thomas. 2003. "Maintenance and the Home Equity of the Elderly." Unpublished.
    • (2003)
    • Davidoff, T.1
  • 12
    • 0003300725 scopus 로고
    • Life-cycle Models of Consumption: Is the Evidence Consistent with the Theory?
    • ed. T. F. Bewley, Cambridge, MA: Cambridge University Press
    • Deaton, Angus S. 1987. "Life-cycle Models of Consumption: Is the Evidence Consistent with the Theory?" In Advances in Econometrics, Fifth World Congress, ed. T. F. Bewley, 121-48. Cambridge, MA: Cambridge University Press.
    • (1987) Advances in Econometrics, Fifth World Congress , pp. 121-148
    • Deaton, A.S.1
  • 13
    • 8744240564 scopus 로고    scopus 로고
    • A Real Options Approach to Housing Investment
    • Unpublished
    • Downing, Chris, and Nancy Wallace. 2001. "A Real Options Approach to Housing Investment." Unpublished.
    • (2001)
    • Downing, C.1    Wallace, N.2
  • 14
    • 0000393708 scopus 로고    scopus 로고
    • Habit Formation in Consumer Preferences: Evidence from Panel Data
    • Dynan, Karen E. 2000. "Habit Formation in Consumer Preferences: Evidence from Panel Data." American Economic Review, 90(3): 391-406.
    • (2000) American Economic Review , vol.90 , Issue.3 , pp. 391-406
    • Dynan, K.E.1
  • 15
    • 84959823198 scopus 로고
    • A Time Series Analysis of Representative Agent Models of Consumption and Leisure Choice under Uncertainty
    • Eichenbaum, Martin S., Lars Peter Hansen, and Kenneth J. Singleton. 1988. "A Time Series Analysis of Representative Agent Models of Consumption and Leisure Choice under Uncertainty." Quarterly Journal of Economics, 103(1): 51-78.
    • (1988) Quarterly Journal of Economics , vol.103 , Issue.1 , pp. 51-78
    • Eichenbaum, M.S.1    Peter Hansen, L.2    Singleton, K.J.3
  • 17
    • 0000842941 scopus 로고
    • Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework
    • Epstein, Larry G., and Stanley E. Zin. 1989. "Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework." Econometrica, 57(4): 937-69.
    • (1989) Econometrica , vol.57 , Issue.4 , pp. 937-969
    • Epstein, L.G.1    Zin, S.E.2
  • 18
    • 84935429666 scopus 로고
    • Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: An Empirical Analysis
    • Epstein, Larry G., and Stanley E. Zin. 1991. "Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: An Empirical Analysis." Journal of Political Economy, 99(2): 263-86.
    • (1991) Journal of Political Economy , vol.99 , Issue.2 , pp. 263-286
    • Epstein, L.G.1    Zin, S.E.2
  • 19
    • 0000853427 scopus 로고
    • Habit Persistence and Durability in Aggregate Consumption: Empirical Tests
    • Ferson, Wayne E., and George M. Constantinides. 1991. "Habit Persistence and Durability in Aggregate Consumption: Empirical Tests." Journal of Financial Economics, 29(2): 199-240.
    • (1991) Journal of Financial Economics , vol.29 , Issue.2 , pp. 199-240
    • Ferson, W.E.1    Constantinides, G.M.2
  • 20
    • 15844409511 scopus 로고    scopus 로고
    • Owner-Occupied Housing in the Presence of Adjustment Costs: Implications for Asset Pricing and Nondurable Consumption
    • Unpublished
    • Flavin, Marjorie. 2001. "Owner-Occupied Housing in the Presence of Adjustment Costs: Implications for Asset Pricing and Nondurable Consumption." Unpublished.
    • (2001)
    • Flavin, M.1
  • 22
    • 0038605950 scopus 로고    scopus 로고
    • Owner-Occupied Housing and the Composition of the Household Portfolio
    • Flavin, Marjorie, and Takashi Yamashita. 2002. "Owner-Occupied Housing and the Composition of the Household Portfolio." American Economic Review, 92(1): 345-62.
    • (2002) American Economic Review , vol.92 , Issue.1 , pp. 345-362
    • Flavin, M.1    Yamashita, T.2
  • 23
    • 0141575475 scopus 로고    scopus 로고
    • The Effect of Single-Family Housing on Multi-Asset Portfolio Allocations
    • Unpublished
    • Gatzlaff, Dean H. 2000. "The Effect of Single-Family Housing on Multi-Asset Portfolio Allocations." Unpublished.
    • (2000)
    • Gatzlaff, D.H.1
  • 24
    • 0000021956 scopus 로고
    • The Single Family Home in the Investment Portfolio
    • Goetzmann, William N. 1993. "The Single Family Home in the Investment Portfolio." Journal of Real Estate Finance and Economics, 6(3): 201-22.
    • (1993) Journal of Real Estate Finance and Economics , vol.6 , Issue.3 , pp. 201-222
    • Goetzmann, W.N.1
  • 26
    • 0000599415 scopus 로고
    • The Accuracy of Home Owners' Estimates of House Value
    • Goodman, John L., Jr., and John B. Ittner. 1992. "The Accuracy of Home Owners' Estimates of House Value." Journal of Housing Economics, 2(4): 339-57.
    • (1992) Journal of Housing Economics , vol.2 , Issue.4 , pp. 339-357
    • Goodman Jr., J.L.1    Ittner, J.B.2
  • 27
    • 41849098780 scopus 로고    scopus 로고
    • Grossman, Sanford J., and Guy Laroque. 1990. Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods. Econometrica, 58(1): 25-51.
    • Grossman, Sanford J., and Guy Laroque. 1990. "Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods." Econometrica, 58(1): 25-51.
  • 28
    • 84936526550 scopus 로고
    • Intertemporal Substitution in Consumption
    • Hall, Robert E. 1988. "Intertemporal Substitution in Consumption." Journal of Political Economy, 96(2): 339-57.
    • (1988) Journal of Political Economy , vol.96 , Issue.2 , pp. 339-357
    • Hall, R.E.1
  • 29
    • 0000900299 scopus 로고
    • An Empirical Investigation of Asset Pricing with Temporally Dependent Preference Specification
    • Heaton, John C. 1995. "An Empirical Investigation of Asset Pricing with Temporally Dependent Preference Specification." Econometrica, 63(3): 681-717.
    • (1995) Econometrica , vol.63 , Issue.3 , pp. 681-717
    • Heaton, J.C.1
  • 30
    • 0001927927 scopus 로고    scopus 로고
    • Portfolio Choice in the Presence of Background Risk
    • Heaton, John, and Deborah Lucas. 2000. "Portfolio Choice in the Presence of Background Risk." Economic Journal, 110(460): 1-26.
    • (2000) Economic Journal , vol.110 , Issue.460 , pp. 1-26
    • Heaton, J.1    Lucas, D.2
  • 33
    • 84963429203 scopus 로고
    • Dynamics of the Composition of Household Asset Portfolios and the Life Cycle
    • Ioannides, Yannis M. 1992. "Dynamics of the Composition of Household Asset Portfolios and the Life Cycle." Applied Financial Economics, 2(3): 145-59.
    • (1992) Applied Financial Economics , vol.2 , Issue.3 , pp. 145-159
    • Ioannides, Y.M.1
  • 34
    • 10344256233 scopus 로고    scopus 로고
    • Owner-Occupied Housing and the Composition of the Household Portfolio: The Case of France
    • LeBlanc, David, and Christine Lagarenne. 2004. "Owner-Occupied Housing and the Composition of the Household Portfolio: The Case of France." Journal of Real Estate Finance and Economics, 29(3): 259-75.
    • (2004) Journal of Real Estate Finance and Economics , vol.29 , Issue.3 , pp. 259-275
    • LeBlanc, D.1    Lagarenne, C.2
  • 35
    • 0000150312 scopus 로고
    • Asset Prices in an Exchange Economy
    • Jr
    • Lucas, Robert E., Jr. 1978. "Asset Prices in an Exchange Economy." Econometrica, 46(6): 1429-45.
    • (1978) Econometrica , vol.46 , Issue.6 , pp. 1429-1445
    • Lucas, R.E.1
  • 36
    • 19944401836 scopus 로고    scopus 로고
    • Lustig, Hanno N., and Stijn van Nieuwerburgh. 2005. Housing Collateral, Consumption Insurance, and Risk Premia: An Empirical Perspective. Journal of Finance, 60(3): 1167-1219.
    • Lustig, Hanno N., and Stijn van Nieuwerburgh. 2005. "Housing Collateral, Consumption Insurance, and Risk Premia: An Empirical Perspective." Journal of Finance, 60(3): 1167-1219.
  • 39
    • 0000314740 scopus 로고
    • Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case
    • Merton, Robert C. 1969. "Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case." Review of Economics and Statistics, 51(3): 247-57.
    • (1969) Review of Economics and Statistics , vol.51 , Issue.3 , pp. 247-257
    • Merton, R.C.1
  • 40
    • 0011090049 scopus 로고
    • Optimum Consumption and Portfolio Rules in a Continuous-Time Model
    • Merton, Robert C. 1971. "Optimum Consumption and Portfolio Rules in a Continuous-Time Model." Journal of Economic Theory, 3(4): 373-413.
    • (1971) Journal of Economic Theory , vol.3 , Issue.4 , pp. 373-413
    • Merton, R.C.1
  • 41
    • 0032469013 scopus 로고    scopus 로고
    • Measuring Intertemporal Substitution: The Role of Durable Goods
    • Ogaki, Masao, and Carmen M. Reinhart. 1998. "Measuring Intertemporal Substitution: The Role of Durable Goods." Journal of Political Economy, 106(5): 1078-98.
    • (1998) Journal of Political Economy , vol.106 , Issue.5 , pp. 1078-1098
    • Ogaki, M.1    Reinhart, C.M.2
  • 42
    • 0036711369 scopus 로고    scopus 로고
    • Tenure Choice and the Riskiness of Non-Housing Consumption
    • Ortalo-Magne, Francois, and Sven Rady. 2002. "Tenure Choice and the Riskiness of Non-Housing Consumption." Journal of Housing Economics, 11(3): 266-79.
    • (2002) Journal of Housing Economics , vol.11 , Issue.3 , pp. 266-279
    • Ortalo-Magne, F.1    Rady, S.2
  • 45
    • 20444398557 scopus 로고    scopus 로고
    • Owner-Occupied Housing as a Hedge against Rent Risk
    • Sinai, Todd, and Nicholas S. Souleles. 2005. "Owner-Occupied Housing as a Hedge against Rent Risk." Quarterly Journal of Economics, 120(2): 763-89.
    • (2005) Quarterly Journal of Economics , vol.120 , Issue.2 , pp. 763-789
    • Sinai, T.1    Souleles, N.S.2
  • 46
    • 0002387168 scopus 로고
    • Intertemporally Dependent Preferences and the Volatility of Consumption and Wealth
    • Sundarson, Suresh M. 1989. "Intertemporally Dependent Preferences and the Volatility of Consumption and Wealth." Review of Financial Studies 2(2): 73-89.
    • (1989) Review of Financial Studies , vol.2 , Issue.2 , pp. 73-89
    • Sundarson, S.M.1
  • 48
    • 12344264177 scopus 로고    scopus 로고
    • Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints
    • Yao, Rui, and Harold Zhang. 2005. "Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints", Review of Financial Studies, 18(1): 197-239.
    • (2005) Review of Financial Studies , vol.18 , Issue.1 , pp. 197-239
    • Yao, R.1    Zhang, H.2
  • 49
    • 0038029763 scopus 로고    scopus 로고
    • Owner-Occupied Housing and Investment in Stocks: An Empirical Test
    • Yamashita, Takashi. 2003. "Owner-Occupied Housing and Investment in Stocks: An Empirical Test," Journal of Urban Economics, 53(2): 220-37.
    • (2003) Journal of Urban Economics , vol.53 , Issue.2 , pp. 220-237
    • Yamashita, T.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.