MARC Record from Library of Congress

LEADER: 01924cam a22003017a 4500
001 2005618283
003 DLC
005 20130531105854.0
007 cr |||||||||||
008 050622s2005 mnu sb f000 0 eng
010 $a 2005618283
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aYang, Fang.
245 10 $aConsumption along the life cycle$h[electronic resource] :$bhow different is housing? /$cFang Yang.
260 $a[Minneapolis, MN] :$bFederal Reserve Bank of Minneapolis, Research Dept.,$c[2005]
490 1 $aWorking paper / Federal Reserve Bank of Minneapolis, Research Dept. ;$v635
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file (viewed on June 22, 2005).
500 $a"May 2005."
520 3 $aMicro data over the life cycle shows two different patterns of consumption of housing and non-housing goods: the consumption profile of non-housing goods is hump-shaped while the consumption profile for housing first increases monotonically and then flattens out. This paper develops a rich, quantitative, dynamic general equilibrium model of life cycle behavior, which generates consumption profiles consistent with the observed data. Borrowing constraints are essential in explaining the accumulation of housing assets early in life, while transaction costs are crucial in generating the slow downsizing of the housing later in life. The bequest motives play a role in determining total life time wealth, but not the housing profile.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
653 $aConsumption ;$aHousing ;$aIncomplete market ;$aLife cycle
710 2 $aFederal Reserve Bank of Minneapolis.$bResearch Department.
830 0 $aWorking paper (Federal Reserve Bank of Minneapolis : Online) ;$v635.
856 40 $uhttp://minneapolisfed.org/research/wp/wp635.pdf