The Life-cycle Effects of House Price Changes

By Wenli Li, Rui Yao. 2005

253 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/8503e7a20a5483ea4f87ae1ce221fd7aed3799d2

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Citations in the corpus

Household Leverage and the Recession (2011, unknown): “This number is in line with existing empirical estimates that range from 5 to 13 cents on the dollar (see Li and Yao (2007) and Case, Quigley, and Shiller (2011) for comprehensive discussions).”
The Loan Structure and Housing Tenure Decisions in an Equilibrium Model of Mortgage Choice (2007, unknown): “…stays constant over the life cycle, even though this preference speci cation is capable of replicating the housing pro les by age as shown by Li and Yao (2007).18 To match the hump-shaped pro les of housing (h) and goods consumption (c); and the increasing ratio (h=c); we assume that…”
On the user cost and homeownership (2006, background): “0132 (as in Li and Yao, 2007 and within the estimates of Goetzmann and Spiegel, 2000). For simplicity, we assume t is serially uncorrelated and also uncorrelated with the income shocks. The housing depreciation/maintenance cost rate, δ, is set to 1.5 percent, within the estimates in Harding et al. (”
House Prices and Economic Growth (2011, methodology): “Also using a life-cycle model which incorporates the dual feature of housing as both a consumption good and an investment asset, Li and Yao (2007) find that house price changes have small aggregate effects, and have different effects on homeowners at different stages in the life cycle.”
Nonparametric Identification in Nonseparable Panel Data Models with Generalized Fixed Effects (2009, background): “…to be more mobile, and hence more reluctant to buy a house, other things equal, because of the associated fixed costs (Campbell and Cocco (2007), Li and Yao (2007)), as well as on unobservable but relatively persistent factors like the credit score or other criteria banks use to make their…”
Housing, Finance and the Macroeconomy (2014, unknown): “Relative to Li and Yao (2007), the authors add the restriction that the home equity constraint only binds at the time of the purchase, such that households can have negative equity if house prices decline.”
A Dynamic Model of Housing Demand: Estimation and Policy Implications (2010, unknown): “The closest paper in spirit to ours is the work by Li and Yao (2007) and Li et al. (2009).”
CONSUMPTION AND SAVING OVER THE LIFE CYCLE: HOW IMPORTANT ARE CONSUMER DURABLES? (2011, background): “Other relevant papers include Martin (2003), Ortalo-Magne and Rady (2006), Li and Yao (2007), Diaz and Luengo-Prado (2008), Kiyotaki et al. (2008), and Iacoviello and Pavan (2009).”
Household Expenditures, Wages, Rents (2011, background): “The questions range from the price of a box of Corn Flakes (Grocery) to the average price per game of bowling on Saturday evening between 6 and 10 pm (Miscellaneous).15 For each of these 5 categories, ACCRA constructs a local price level based on the sample of prices of the individual items, and set”
Winners and Losers in Housing Markets (2011, unknown): “Recent papers have calibrated (the share of non-durables in total expenditure) at around 0:8 (Diaz and Luengo-Prado (2007) use 0:83 and Li and Yao (2007) use 0:8 based on the average share of housing expenditure found in the 2001 Consumer Expenditure Survey).”