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Replication data for: Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio

Version
1
Resource Type
Dataset
Creator
  • Flavin, Marjorie
  • Yamashita, Takashi
Publication Date
2011-05-01
Description
  • Abstract

    The paper constructs a model of optimal portfolio allocation incorporating the role of housing as collateral. Current house value is a state variable in the portfolio decision due to a nonconvex adjustment cost. Holding risk aversion constant, the percentage of the portfolio held in stocks is decreasing in the ratio of house value to net wealth; thus an older household with a lower ratio of house value to net wealth will generally hold more its portfolio in stocks than younger households. Empirical results using the Survey of Consumer Finances confirm the quantitative and statistical significance of the housing state variable.
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/aer.101.3.609 (Text)
Publications
  • Flavin, Marjorie, and Takashi Yamashita. “Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio.” American Economic Review 101, no. 3 (May 2011): 609–14. https://doi.org/10.1257/aer.101.3.609.
    • ID: 10.1257/aer.101.3.609 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 3 | Registration Date: 2019-12-09

Flavin, Marjorie; Yamashita, Takashi (2011): Replication data for: Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E116094V1