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EnglishWe use a simple two-sector, life-cycle economy with bequests to explain the increasing wealth to income ratio, housing wealth and wealth inequality that have been observed in several countries over the long-run as a consequence of a rising labor efficiency in manufacturing (housing cost disease). When consumption inequality across households is sufficiently large, the housing cost disease has adverse effects on a measure of social welfare based on an egalitarian principle: the higher the housing's value appreciation, the lower the welfare benefit of a rising labor efficiency in manufacturing.
The Housing Cost Disease / Borri, Nicola; Reichlin, Pietro. - DP10756:(2015).
| Titolo: | The Housing Cost Disease | |
| Autori: | ||
| Data di pubblicazione: | 2015 | |
| Citazione: | The Housing Cost Disease / Borri, Nicola; Reichlin, Pietro. - DP10756:(2015). | |
| Abstract: | We use a simple two-sector, life-cycle economy with bequests to explain the increasing wealth to income ratio, housing wealth and wealth inequality that have been observed in several countries over the long-run as a consequence of a rising labor efficiency in manufacturing (housing cost disease). When consumption inequality across households is sufficiently large, the housing cost disease has adverse effects on a measure of social welfare based on an egalitarian principle: the higher the housing's value appreciation, the lower the welfare benefit of a rising labor efficiency in manufacturing. | |
| Handle: | http://hdl.handle.net/11385/155826 | |
| Appare nelle tipologie: | 05.1 - Working Paper |
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