This chapter surveys the literature on housing in macroeconomics. We first collect facts on
house prices and quantities in both the time series and the cross section of households and …

The saving patterns of retired US households pose a challenge to the basic life-cycle model
of saving. The observed patterns of out-of-pocket medical expenses, which rise quickly with …

We calibrate an overlapping-generations model with a rich demographic structure to
observed and projected changes in US population, family composition, life expectancy, and …

We revisit two well-known facts regarding life cycle expenditures: the “hump”-shaped profile
of nondurable expenditures and the increase in cross-household consumption inequality …

Retired households, especially those with high lifetime income, decumulate their wealth very
slowly, and many die leaving large estates. The three leading explanations for the …

In this chapter, we review and discuss the large body of research that has developed over
the past 10-plus years that explores the interconnection of macroeconomics, finance, and …

In this paper we investigate whether a standard life-cycle model in which households
purchase nondurable consumption and consumer durables and face idiosyncratic income …

We examine the impact of unanticipated housing capital gains on consumption behavior
using data from the British Household Panel Survey and county-level house price data. We …

Using data from the PSID, we estimate a dynamic model of housing demand with nonconvex
adjustment costs, credit constraints, and uncertainty about income and home prices. We …

The paper investigates how aging will affect house prices. It uses for the first time a house
price dataset covering 22 advanced economies. The analysis finds that demography did and …