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% UQO Working Paper No. 18 — Housing, Leverage, and Intergenerational Wealth
% Inequality: A Dynamic General Equilibrium Theory (Simon-Pierre Boucher)
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% METADATA
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\newcommand{\WPnumber}{18}
\newcommand{\WPtitle}{Housing, Leverage, and Intergenerational Wealth Inequality}
\newcommand{\WPsubtitle}{A Dynamic General Equilibrium Theory}
\newcommand{\WPdate}{October 2026}
\newcommand{\WPversion}{1.0}
\newcommand{\WPabstract}{%
  This paper asks under what conditions inherited wealth, mortgage leverage, nominal debt, housing supply and down-payment constraints generate persistent owner--renter wealth gaps among households with the same labour-income process, and what an unanticipated inflation changes. A three-stage benchmark with two-period generations yields a closed-form ownership-entry threshold that adds a liquidity component to the down-payment bound, a leverage multiplier whose break-even price growth is independent of the loan-to-value ratio, a closed-form intergenerational tenure persistence that is positive only if the house is net wealth at the end of life, existence and a uniqueness condition for the stationary equilibrium, and the accounting of a price-level surprise under three mortgage contracts. A twelve-period overlapping-generations model with nominal annuity mortgages, gifts and estates, and segmented rental and construction sectors is solved in stationary general equilibrium and along perfect-foresight transitions under an illustrative calibration. Transfers generate a \GapAgeFour{} income-year wealth gap at mid-life and a rank--rank wealth slope of \RankRankNW{} that vanishes without transfers; price adjustment removes \AbsorbThetaFivePct{}--\AbsorbThetaFortyPct\% of the partial-equilibrium ownership response to the down-payment constraint; no multiple equilibria arise under near-fixed supply. Because households are net nominal creditors, a 10\% surprise moves the real house price by \FrmLevelPzero\%, a fall where the benchmark predicts a rise; the contract ordering, fixed-rate above renewable term above adjustable, is confirmed.%
}
\newcommand{\WPkeywords}{housing tenure, mortgage leverage, intergenerational wealth, bequests, down-payment constraint, surprise inflation, overlapping generations}
\newcommand{\WPjel}{R21, R31, D31, D91, E31, G51}

% --- Author ---
\newcommand{\WPauthor}{Simon-Pierre Boucher}
\newcommand{\WPaffiliation}{%
  Département des sciences administratives\\
  Université du Québec en Outaouais%
}
\newcommand{\WPemail}{simon-pierre.boucher@uqo.ca}
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  Gatineau -- Pavillon Alexandre-Taché\\
  283, boulevard Alexandre-Taché\\
  Gatineau, Québec, Canada J9A 1L8%
}

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