Homeownership, committed expenditure risk, and the stockholding puzzle

被引:36
作者
Fratantoni, MC [1 ]
机构
[1] Fannie Mae, Washington, DC 20016 USA
来源
OXFORD ECONOMIC PAPERS-NEW SERIES | 2001年 / 53卷 / 02期
关键词
D O I
10.1093/oep/53.2.241
中图分类号
F [经济];
学科分类号
02 ;
摘要
Kimball (1991) showed that consumers who face an unavoidable risk will display 'temperance', meaning that they will increase their holdings of safe assets. In principle, temperance could provide an explanation for the stockholding puzzle, which is the microeconomic manifestation of the equity premium puzzle. Previous work has shown that the temperance effect induced by labor income uncertainty is too small to explain the stockholding puzzle. This paper finds that committed expenditure risk associated with homeownership induces enough additional temperance to explain the puzzle.
引用
收藏
页码:241 / 259
页数:19
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