The Effect of Housing on Portfolio Choice

被引：159

作者：

Chetty, Raj ^{[1
,2
]}

Sandor, Laszlo ^{[3
]}

Szeidl, Adam

机构：

[1] Stanford Univ, Stanford, CA 94305 USA

[2] NBER, Cambridge, MA 02138 USA

[3] Luxembourg Sch Finance, Luxembourg, Luxembourg

来源：

JOURNAL OF FINANCE | 2017年 / 72卷 / 03期

基金：

美国国家科学基金会; 欧洲研究理事会;

关键词：

CONSUMPTION; INVESTMENT; RISK; PRICES; HOMEOWNERSHIP;

D O I：

10.1111/jofi.12500

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We show that characterizing the effects of housing on portfolios requires distinguishing between the effects of home equity and mortgage debt. We isolate exogenous variation in home equity and mortgages by using differences across housing markets in house prices and housing supply elasticities as instruments. Increases in property value (holding home equity constant) reduce stockholdings, while increases in home equity wealth (holding property value constant) raise stockholdings. The stock share of liquid wealth would rise by 1 percentage point6% of the mean stock shareif a household were to spend 10% less on its house, holding fixed wealth.

引用

页码：1171 / 1212

页数：42

共 32 条

[1]

[Anonymous], NOTE DIFFERENCES OFH

[2]

[Anonymous], 2002, Strategic Asset Allocation: Portfolio Choice for Long-Term Investors

[3] Consumption and investment motives and the portfolio choices of homeowners [J].