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作者

来源

JOURNAL OF URBAN ECONOMICS,Vol.99,P.107-119

语言

英文

关键字

Homeownership; Housing demand; Unemployment; Income risk; House price risk; Dual-income households; PORTFOLIO CHOICE; UNEMPLOYMENT RISK; TENURE CHOICE; CONSUMPTION; DECISIONS

作者单位

[Jansson, Thomas] Sveriges Riksbank, Res Div, SE-10337 Stockholm, Sweden. Jansson, T (reprint author), Sveriges Riksbank, Res Div, SE-10337 Stockholm, Sweden. E-Mail: thomas.jansson@riksbank.se

摘要

I show that if there is a negative covariance between the returns to owner-occupied housing and the risk of becoming unemployed, the housing asset becomes riskier for households to hold. In other words, if the value of the home tends to fall at the same time as the risk of unemployment increases, it is risky to be a homeowner. Using Swedish microdata the findings of my empirical analysis strongly indicate that there is, in line with the theoretical predictions, a significant positive relationship between households' investments in housing and the individually estimated covariance between unemployment risks and returns to housing. (C) 2017 Elsevier Inc. All rights reserved.