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Title: Essays on Housing and Real Economy
Keywords: Housing, Asset Pricing Model, Housing Wealth Effect, Consumption over Life-cycle, Real Economy, Household Finance
Issue Date: 14-Aug-2012
Source: ZHAO DAXUAN (2012-08-14). Essays on Housing and Real Economy. ScholarBank@NUS Repository.
Abstract: This thesis focuses on issues related to the roles of housing in real economy. Housing is the single most important consumption good, and the dominate wealth for households. The unique characteristic influences the behavior of households in terms of consumption, saving, mortgage issuance, and asset return. This thesis is composed of three main chapters. Chapter 2 considers a consumption-based asset pricing model where housing is explicitly modelled both as an asset and a consumption good. Chapter 3 examines the housing wealth effect---the positive consumption change induced by house price appreciation---and whether it is dependent upon households' attitude toward risk. Chapter 4 explains the influences of mortgage down payment requirement in both the housing and the credit markets.
Appears in Collections:Ph.D Theses (Open)

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