讲座：Rising Earnings Risk and Wealth Distribution with Housing
题 目： Rising Earnings Risk and Wealth Distribution with Housing
演讲人： Hye Mi You, Associate Professor, Hanyang University
主持人：江明 博士 上海交通大学安泰经济与管理学院经济系
时 间： 2018年 6 月 14 日（周四） 10:00-11:30
地 点： 上海交通大学 徐汇校区新上院 S201室
Since the early1980s in the US, individual earnings risks increased significantly while both housing transaction costs and down-payment requirements continued to decline. As earnings risk rises, households tend to substitute liquid financial assets for illiquid housing. However, declines in down-payment requirements and transaction costs have opposing effects. This paper explores the effects of these changes on US wealth distribution with housing, using a general equilibrium incomplete markets model where households make portfolio choice between housing and financial assets. The model implies that rising earnings risks and institutional changes in the housing market resulted in little change in housing inequality with a constant aggregate homeownership rate. However, the model generates large increases in both homeownership rates and housing to wealth ratio of homeowners among poorer households, consistent with what we observe in the Survey of Consumer Finances (SCF).
Hye Mi You is an Associate Professor of Economics at Hanyang University, Seoul, Korea. She received her PhD in Economics from the University of Rochester, New York, USA. She has held previous positions at the State University of New York at Buffalo, New York, USA, as an Assistant Professor, and in the Research Department of the Bank of Korea, as an Economist. Professor You’s research interests include macroeconomics, economic growth and development, and labor markets. Professor You’ research focuses on the interaction between individual human capital accumulation and economic outcome, and the causes and consequences of various macro/ labor phenomena. Professor You has published papers in a number of top economics journals, including Journal of Monetary Economics, International Economic Review, and Macroeconomic Dynamics.