TeX 53.2%
Python 46.6%
1# -*- coding: utf-8 -*-2import csv, sys3R=[]4def add(**k): R.append(k)5CR="Crossref API (query.bibliographic, JSON brut dans research/verification/) + DOI résolu"6CR2="Crossref API (JSON brut dans research/verification/) + résumé lu (Crossref/éditeur/IDEAS)"7# ---------------- Collateral, leverage, housing & macro ----------------8add(key='kiyotaki1997credit',type='article',authors='Kiyotaki, Nobuhiro and Moore, John',year=1997,title='Credit Cycles',journal='Journal of Political Economy',vol='105',num='2',pages='211--248',doi='10.1086/262072',9 model='Dynamic GE with durable collateral (land) and credit-constrained entrepreneurs',method='Analytical theory',10 findings='Collateral constraints create a two-way feedback between asset prices and borrowing capacity that amplifies and propagates shocks',11 limitations='No households, no housing tenure, no nominal debt, no inequality',12 relevance='Foundational amplification mechanism behind leverage feedback in contribution (i)',overlap='Mechanism only; WP18 applies it to owner-renter wealth distribution',verified=CR)13add(key='iacoviello2005house',type='article',authors='Iacoviello, Matteo',year=2005,title='House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle',journal='American Economic Review',vol='95',num='3',pages='739--764',doi='10.1257/0002828054201477',14 model='New Keynesian DSGE with housing collateral constraints and nominal debt (patient/impatient households)',method='Estimated DSGE, impulse responses',15 findings='Nominal debt plus collateral constraints amplify demand shocks; debt deflation transfers from borrowers to lenders dampens responses to inflation shocks',16 limitations='Representative patient/impatient agents, no tenure choice, no wealth distribution',17 relevance='Canonical nominal-debt + collateral channel; WP18 keeps the Fisher effect but in a heterogeneous OLG setting',overlap='Mechanism shared; no intergenerational or distributional analysis',verified=CR)18add(key='kaplan2020housing',type='article',authors='Kaplan, Greg and Mitman, Kurt and Violante, Giovanni L.',year=2020,title='The Housing Boom and Bust: Model Meets Evidence',journal='Journal of Political Economy',vol='128',num='9',pages='3285--3345',doi='10.1086/708816',19 model='Quantitative life-cycle heterogeneous-household GE with rental market, long-term mortgages, tenure choice',method='Calibrated GE simulation of aggregate shocks (income, credit, beliefs)',20 findings='Belief shifts drive prices and rents; credit conditions move homeownership, leverage and foreclosures but not prices; rental market and long-term mortgages alleviate constraints',21 limitations='Focus on boom-bust and consumption; no inheritance heterogeneity, no inflation experiments, no Canada',22 relevance='Closest quantitative framework to WP18 (tenure, rental sector, long-term mortgages); shows credit relaxation changes ownership but not prices under elastic rental supply',overlap='High on model structure; WP18 differs by bequest heterogeneity, surprise inflation and supply elasticity comparative statics',verified=CR2)23add(key='berger2018house',type='article',authors='Berger, David and Guerrieri, Veronica and Lorenzoni, Guido and Vavra, Joseph',year=2018,title='House Prices and Consumer Spending',journal='Review of Economic Studies',vol='85',num='3',pages='1502--1542',doi='10.1093/restud/rdx060',24 model='Incomplete-markets life-cycle model with housing and collateral constraints',method='Theory (sufficient statistic) + calibrated simulation',25 findings='Consumption response to house prices approximated by MPC times housing value; large and heterogeneous responses',26 limitations='Partial equilibrium prices; no tenure-driven wealth inequality',relevance='Provides the wealth-effect benchmark for owners versus renters after price shocks',overlap='Low; complementary',verified=CR)27add(key='garriga2017mortgages',type='article',authors='Garriga, Carlos and Kydland, Finn E. and {\\v{S}}ustek, Roman',year=2017,title='Mortgages and Monetary Policy',journal='Review of Financial Studies',vol='30',num='10',pages='3337--3375',doi='10.1093/rfs/hhx043',28 model='GE with long-term nominal mortgages (FRM vs ARM), incomplete markets, homeowner-borrowers and lenders',method='Calibrated GE, monetary policy experiments',29 findings='Monetary policy transmits through new-mortgage pricing and the real burden of existing nominal debt; persistent inflation benefits FRM borrowers over time but hurts ARM borrowers immediately; effects stronger under ARM',30 limitations='Two-agent structure; no tenure choice, no bequests, no wealth distribution',31 relevance='Direct precedent for contribution (iii): FRM versus ARM under inflation in GE',overlap='High on the inflation-contract mechanism; WP18 adds renters, ownership entry and intergenerational persistence',verified=CR2)32add(key='garriga2021monk',type='article',authors='Garriga, Carlos and Kydland, Finn E. and {\\v{S}}ustek, Roman',year=2021,title='{MoNK}: Mortgages in a New-Keynesian Model',journal='Journal of Economic Dynamics and Control',vol='123',num='',pages='104059',doi='10.1016/j.jedc.2020.104059',33 model='New Keynesian model with long-term nominal mortgages',method='Calibrated DSGE',findings='Mortgage debt deflation reshapes monetary transmission; contract type (FRM/ARM) matters for output and redistribution',34 limitations='No tenure choice or wealth distribution',relevance='Second GKS reference on nominal mortgage contracts and inflation',overlap='Mechanism (iii) only',verified=CR)35add(key='guren2021mortgage',type='article',authors='Guren, Adam M. and Krishnamurthy, Arvind and McQuade, Timothy J.',year=2021,title='Mortgage Design in an Equilibrium Model of the Housing Market',journal='Journal of Finance',vol='76',num='1',pages='113--168',doi='10.1111/jofi.12963',36 model='Quantitative equilibrium life-cycle model with mortgage design choices',method='Calibrated simulation',findings='Countercyclical-payment mortgages (FRM with ARM conversion option) reduce default and price declines several-fold relative to standard FRM',37 limitations='Focus on macro stabilisation, not inequality; no inflation surprises',relevance='Mortgage-contract design dimension of contribution (iv)',overlap='Low-medium',verified=CR2)38add(key='campbell2003household',type='article',authors='Campbell, John Y. and Cocco, Jo{\\~a}o F.',year=2003,title='Household Risk Management and Optimal Mortgage Choice',journal='Quarterly Journal of Economics',vol='118',num='4',pages='1449--1494',doi='10.1162/003355303322552847',39 model='Life-cycle partial-equilibrium model of FRM vs ARM choice with inflation and income risk',method='Numerical dynamic programming',findings='Nominal FRM carries wealth risk from inflation; ARM carries income risk; choice depends on risk aversion, mobility, income risk',40 limitations='Partial equilibrium; no housing price feedback or inequality',relevance='Household-level logic of FRM inflation risk used in WP18 owner problem',overlap='Low',verified=CR)41add(key='campbell2021structuring',type='article',authors='Campbell, John Y. and Clara, Nuno and Cocco, Jo{\\~a}o F.',year=2021,title='Structuring Mortgages for Macroeconomic Stability',journal='Journal of Finance',vol='76',num='5',pages='2525--2576',doi='10.1111/jofi.13056',42 model='OLG borrowers + infinitely lived risk-averse lender; equilibrium mortgage pricing',method='Calibrated equilibrium',findings='ARM with recession interest-only/extension option stabilises consumption and raises welfare at low cost to lender',43 limitations='No tenure choice, no bequests, lender is representative',relevance='Shows how lender wealth and contract pricing respond in equilibrium, a feature CLAUDE.md requires WP18 to track',overlap='Low-medium',verified=CR2)44add(key='mian2011house',type='article',authors='Mian, Atif and Sufi, Amir',year=2011,title='House Prices, Home Equity-Based Borrowing, and the {US} Household Leverage Crisis',journal='American Economic Review',vol='101',num='5',pages='2132--2156',doi='10.1257/aer.101.5.2132',45 model='Empirical',method='Individual credit data, supply-elasticity instrument (Saiz)',findings='Existing homeowners borrowed 25--30 cents per dollar of house price gain; borrowing concentrated among low-credit-score, high-utilisation households',46 limitations='US 2002--2006 only; no model',relevance='Evidence on the collateral channel and its heterogeneity; supply elasticity as instrument links to contribution (iv)',overlap='None (empirical)',verified=CR)47add(key='justiniano2019credit',type='article',authors='Justiniano, Alejandro and Primiceri, Giorgio E. and Tambalotti, Andrea',year=2019,title='Credit Supply and the Housing Boom',journal='Journal of Political Economy',vol='127',num='3',pages='1317--1350',doi='10.1086/701440',48 model='Two-agent GE with housing and lending constraints',method='Calibrated simulation',findings='Relaxation of lending (not borrowing) constraints reproduces the boom in prices and debt with low rates',49 limitations='Representative borrowers/lenders',relevance='Distinguishes lending vs borrowing constraints, relevant to LTV comparative statics',overlap='Low',verified=CR)50add(key='favilukis2017macroeconomic',type='article',authors='Favilukis, Jack and Ludvigson, Sydney C. and Van Nieuwerburgh, Stijn',year=2017,title='The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium',journal='Journal of Political Economy',vol='125',num='1',pages='140--223',doi='10.1086/689606',51 model='OLG GE with aggregate and idiosyncratic risk, collateral constraints, heterogeneous bequest motives, endogenous interest rates and housing returns',method='Calibrated GE with aggregate risk',52 findings='Financial liberalisation produces a house price boom through a lower housing risk premium, not lower interest rates; realistic wealth distribution via bequest heterogeneity',53 limitations='No rental sector or tenure choice in the baseline; no nominal debt or inflation',relevance='Methodological benchmark for OLG GE with bequests and collateral; shows price feedback from credit through risk premia',overlap='Medium on contribution (i) (bequest heterogeneity + collateral + price feedback); no ownership threshold analysis',verified=CR2)54add(key='kiyotaki2011winners',type='article',authors='Kiyotaki, Nobuhiro and Michaelides, Alexander and Nikolov, Kalin',year=2011,title='Winners and Losers in Housing Markets',journal='Journal of Money, Credit and Banking',vol='43',num='2--3',pages='255--296',doi='10.1111/j.1538-4616.2011.00374.x',55 model='Life-cycle GE production economy with land and capital in real estate, owners and renters',method='Calibrated GE',56 findings='When the land share in house value is large, prices react strongly to productivity/interest shocks, redistributing between net buyers (young) and net sellers (old); financing constraints have limited price effects',57 limitations='No bequests, no nominal debt or inflation, no intergenerational persistence',relevance='Key precedent for contribution (iv): land scarcity governs price sensitivity and intergenerational redistribution',overlap='High on supply-scarcity/redistribution link; WP18 adds mortgage-contract and inheritance channels',verified=CR2)58add(key='piazzesi2016housing',type='incollection',authors='Piazzesi, Monika and Schneider, Martin',year=2016,title='Housing and Macroeconomics',journal='Handbook of Macroeconomics',vol='2',num='',pages='1547--1640',doi='10.1016/bs.hesmac.2016.06.003',booktitle='Handbook of Macroeconomics',publisher='Elsevier',59 model='Survey',method='Survey',findings='Organises facts and models on housing, collateral, tenure, and macro transmission',limitations='Survey',relevance='Reference frame for section 4 of WP18',overlap='None',verified=CR)60add(key='davis2015housing',type='incollection',authors='Davis, Morris A. and Van Nieuwerburgh, Stijn',year=2015,title='Housing, Finance, and the Macroeconomy',journal='Handbook of Regional and Urban Economics',vol='5',num='',pages='753--811',doi='10.1016/B978-0-444-59531-7.00012-0',booktitle='Handbook of Regional and Urban Economics',publisher='Elsevier',61 model='Survey',method='Survey',findings='Reviews facts and models linking housing finance, house prices and the macroeconomy, including life-cycle tenure models',limitations='Survey',relevance='Reference frame for the review',overlap='None',verified=CR)62add(key='greenwald2025do',type='article',authors='Greenwald, Daniel L. and Guren, Adam',year=2025,title='Do Credit Conditions Move House Prices?',journal='American Economic Review',vol='115',num='10',pages='3559--3596',doi='10.1257/aer.20211715',63 model='Housing model nesting segmented and unsegmented owner/rental markets with landlords',method='Estimated segmentation elasticity + calibrated model',64 findings='Degree of owner/rental segmentation determines whether credit moves prices; credit standards explain 32--53% of the 2000s boom',65 limitations='US boom focus; no inheritance or inflation',relevance='Shows that the rental-market structure governs the price feedback in contribution (i)',overlap='Medium: the segmentation parameter is a key modelling choice for WP18',verified=CR2)66add(key='garriga2020mortgage',type='article',authors='Garriga, Carlos and Hedlund, Aaron',year=2020,title='Mortgage Debt, Consumption, and Illiquid Housing Markets in the {Great Recession}',journal='American Economic Review',vol='110',num='6',pages='1603--1634',doi='10.1257/aer.20170772',67 model='Heterogeneous-agent macro-housing model with tenure choice, long-term defaultable mortgages, search-illiquid housing',method='Calibrated GE + microdata',findings='Price and liquidity deterioration transmitted through balance sheets explains bust patterns',68 limitations='No bequests/inflation',relevance='Template for defaultable long-term mortgages and tenure choice',overlap='Low-medium',verified=CR2)69add(key='boar2022liquidity',type='article',authors='Boar, Corina and Gorea, Denis and Midrigan, Virgiliu',year=2022,title='Liquidity Constraints in the {U.S.} Housing Market',journal='Review of Economic Studies',vol='89',num='3',pages='1120--1154',doi='10.1093/restud/rdab063',70 model='Life-cycle model with illiquid housing and refinancing',method='Calibrated',findings='Four-fifths of homeowners are liquidity constrained; willingness to pay 13 cents per dollar of home-equity liquidity',limitations='No GE prices',relevance='Quantifies the owner liquidity constraint that WP18 must model when comparing owners and renters with equal income',overlap='Low',verified=CR2)71add(key='cloyne2020monetary',type='article',authors='Cloyne, James and Ferreira, Clodomiro and Surico, Paolo',year=2020,title='Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism',journal='Review of Economic Studies',vol='87',num='1',pages='102--129',doi='10.1093/restud/rdy074',72 model='Empirical (US, UK household surveys)',method='Local projections by tenure group',findings='Consumption response to rates driven by mortgagors; outright owners do not adjust; renters adjust less',limitations='No structural model',relevance='Tenure heterogeneity in monetary transmission',overlap='None',verified=CR2)73add(key='beraja2019regional',type='article',authors='Beraja, Martin and Fuster, Andreas and Hurst, Erik and Vavra, Joseph',year=2019,title='Regional Heterogeneity and the Refinancing Channel of Monetary Policy',journal='Quarterly Journal of Economics',vol='134',num='1',pages='109--183',doi='10.1093/qje/qjy021',74 model='Empirical + heterogeneous-agent model',method='Microdata + model',findings='Refinancing channel depends on home equity distribution; monetary policy is state dependent',limitations='US FRM institutions',relevance='Refinancing as the mechanism that limits FRM inflation gains when rates fall',overlap='Low',verified=CR)75add(key='aladangady2017housing',type='article',authors='Aladangady, Aditya',year=2017,title='Housing Wealth and Consumption: Evidence from Geographically Linked Microdata',journal='American Economic Review',vol='107',num='11',pages='3415--3446',doi='10.1257/aer.20150491',76 model='Empirical',method='Supply-elasticity instrument, microdata',findings='MPC out of housing wealth about 4.7 cents, concentrated among constrained owners; renters show no response',limitations='Empirical only',relevance='Links supply elasticity, collateral and owner/renter asymmetry in one design',overlap='None',verified=CR)77add(key='gete2018mortgage',type='article',authors='Gete, Pedro and Reher, Michael',year=2018,title='Mortgage Supply and Housing Rents',journal='Review of Financial Studies',vol='31',num='12',pages='4884--4911',doi='10.1093/rfs/hhx145',78 model='Empirical + simple model',method='Bank-level credit supply shocks',findings='Tighter mortgage supply raises rents and lowers homeownership by pushing households into renting',limitations='US post-2010',relevance='Evidence for the rental-market feedback of credit constraints central to contribution (i)',overlap='None',verified=CR)79add(key='jorda2016great',type='article',authors='Jord{\\`a}, {\\`O}scar and Schularick, Moritz and Taylor, Alan M.',year=2016,title='The Great Mortgaging: Housing Finance, Crises and Business Cycles',journal='Economic Policy',vol='31',num='85',pages='107--152',doi='10.1093/epolic/eiv017',80 model='Empirical long-run panel (17 countries, 1870--2012)',method='Historical data',findings='Mortgage credit to GDP has driven the post-war rise in private credit; mortgage booms predict crises',limitations='Macro aggregates',relevance='Long-run context for leverage as the dominant household liability',overlap='None',verified=CR)81# ---------------- Inflation redistribution ----------------82add(key='fisher1933debt',type='article',authors='Fisher, Irving',year=1933,title='The Debt-Deflation Theory of Great Depressions',journal='Econometrica',vol='1',num='4',pages='337--357',doi='10.2307/1907327',83 model='Verbal theory',method='Theory',findings='Unexpected deflation raises the real burden of nominal debt',limitations='No formal model',relevance='Origin of the Fisher channel',overlap='None',verified=CR)84add(key='doepke2006inflation',type='article',authors='Doepke, Matthias and Schneider, Martin',year=2006,title='Inflation and the Redistribution of Nominal Wealth',journal='Journal of Political Economy',vol='114',num='6',pages='1069--1097',doi='10.1086/508379',85 model='Accounting framework of nominal positions by age and wealth; partial equilibrium',method='Flow of funds + SCF, revaluation under inflation scenarios',86 findings='Surprise inflation transfers from rich old bondholders (and foreigners) to young middle-class households with fixed-rate mortgages and to the government',87 limitations='No GE price responses, no behavioural adjustment, no housing price endogeneity',relevance='Baseline for contribution (iii); WP18 asks whether these gains survive in GE with endogenous rents, house prices and lender wealth',overlap='High on the direct revaluation; WP18 adds GE and tenure-entry effects',verified=CR2)88add(key='adam2016price',type='article',authors='Adam, Klaus and Zhu, Junyi',year=2016,title='Price-Level Changes and the Redistribution of Nominal Wealth across the Euro Area',journal='Journal of the European Economic Association',vol='14',num='4',pages='871--906',doi='10.1111/jeea.12155',89 model='Accounting framework (HFCS + sectoral accounts)',method='Revaluation of nominal positions',findings='Young middle-class households lose from deflation, older and richer gain; wealth inequality rises with unexpected deflation',limitations='No behavioural or GE response',relevance='Cross-country confirmation of the age/tenure pattern of nominal exposure',overlap='Medium (accounting only)',verified=CR2)90add(key='auclert2019monetary',type='article',authors='Auclert, Adrien',year=2019,title='Monetary Policy and the Redistribution Channel',journal='American Economic Review',vol='109',num='6',pages='2333--2367',doi='10.1257/aer.20160137',91 model='Heterogeneous-agent model with sufficient statistics (unhedged interest rate exposure, Fisher channel, earnings heterogeneity)',method='Theory + micro calibration',92 findings='Redistribution through Fisher and URE channels amplifies monetary transmission when losers have lower MPCs than winners',limitations='No housing/tenure structure or intergenerational dynamics',relevance='Provides the sufficient-statistic language for the Fisher channel WP18 will use in Proposition on inflation',overlap='Medium on (iii) mechanism; WP18 adds long-run ownership and wealth persistence',verified=CR)93add(key='meh2010aggregate',type='article',authors='Meh, C{\\\'e}saire A. and R{\\\'i}os-Rull, Jos{\\\'e}-V{\\\'i}ctor and Terajima, Yaz',year=2010,title='Aggregate and Welfare Effects of Redistribution of Wealth under Inflation and Price-Level Targeting',journal='Journal of Monetary Economics',vol='57',num='6',pages='637--652',doi='10.1016/j.jmoneco.2010.05.001',94 model='Heterogeneous-agent OLG GE with nominal positions (Bank of Canada)',method='Calibrated GE, 1% price-level surprise under IT vs PT',findings='Redistribution and its aggregate/welfare effects are larger under inflation targeting; youngest, poorest and government gain',limitations='No explicit housing market or tenure choice',relevance='Canadian GE precedent for surprise-inflation redistribution; confirms GE matters',overlap='High on (iii) in spirit; no housing, no ownership entry',verified=CR2)95add(key='meh2011inflation',type='article',authors='Meh, C{\\\'e}saire A. and Terajima, Yaz',year=2011,title='Inflation, Nominal Portfolios, and Wealth Redistribution in {Canada}',journal='Canadian Journal of Economics',vol='44',num='4',pages='1369--1402',doi='10.1111/j.1540-5982.2011.01678.x',96 model='Accounting framework for Canada (nominal portfolios)',method='Revaluation of nominal positions',findings='Main winners of inflation are young middle-class households with mortgage debt; the old, the rich and pension holders lose; Canada--US differences are substantial',limitations='No GE',relevance='Canadian calibration anchor for nominal exposures by age and tenure',overlap='Medium',verified=CR2)97add(key='sheedy2014debt',type='article',authors='Sheedy, Kevin D.',year=2014,title='Debt and Incomplete Financial Markets: A Case for Nominal {GDP} Targeting',journal='Brookings Papers on Economic Activity',vol='2014',num='1',pages='301--373',doi='10.1353/eca.2014.0005',98 model='Incomplete markets with nominal debt contracts',method='Theory',findings='Nominal debt makes monetary policy a risk-sharing device; NGDP targeting stabilises debt-to-income',limitations='No housing or tenure',relevance='Normative counterpart to the Fisher channel',overlap='Low',verified=CR2)99add(key='pallotti2024who',type='article',authors='Pallotti, Filippo and Paz-Pardo, Gonzalo and Slacalek, Jiri and Tristani, Oreste and Violante, Giovanni L.',year=2024,title='Who Bears the Costs of Inflation? Euro Area Households and the 2021--2023 Shock',journal='Journal of Monetary Economics',vol='148',num='',pages='103671',doi='10.1016/j.jmoneco.2024.103671',100 model='Welfare accounting of unexpected inflation channels',method='HFCS microdata + aggregates',findings='Nominal net positions drive heterogeneity; retirees lose up to 14% of triennial income, half of 25--44 year-olds gain; rigid rents hedge renters',limitations='Accounting, no GE',relevance='Recent evidence that owners with nominal debt gained and that rent rigidity matters for renters, a nuance WP18 must model',overlap='Medium',verified=CR2)101# ---------------- Supply / land ----------------102add(key='saiz2010geographic',type='article',authors='Saiz, Albert',year=2010,title='The Geographic Determinants of Housing Supply',journal='Quarterly Journal of Economics',vol='125',num='3',pages='1253--1296',doi='10.1162/qjec.2010.125.3.1253',103 model='Empirical',method='GIS land availability + regulation',findings='Metropolitan housing supply elasticities are determined by geography and regulation; inelastic metros see higher prices',limitations='US metros',relevance='Empirical anchor for the supply elasticity parameter sweep in contribution (iv)',overlap='None',verified=CR)104add(key='glaeser2006urban',type='article',authors='Glaeser, Edward L. and Gyourko, Joseph and Saks, Raven E.',year=2006,title='Urban Growth and Housing Supply',journal='Journal of Economic Geography',vol='6',num='1',pages='71--89',doi='10.1093/jeg/lbi003',105 model='Simple urban model + empirics',method='Cross-metro regressions',findings='Supply elasticity determines whether demand growth shows up in prices or quantities',limitations='US',relevance='Price-vs-quantity adjustment logic for supply scenarios',overlap='None',verified=CR)106add(key='gyourko2013superstar',type='article',authors='Gyourko, Joseph and Mayer, Christopher and Sinai, Todd',year=2013,title='Superstar Cities',journal='American Economic Journal: Economic Policy',vol='5',num='4',pages='167--199',doi='10.1257/pol.5.4.167',107 model='Theory + empirics',method='Metro panel',findings='Inelastic supply plus rising high-income demand generates persistent price divergence and sorting of the rich into scarce cities',limitations='US metros',relevance='Persistent price divergence under inelastic supply as a source of owner-renter wealth divergence',overlap='Low',verified=CR)108add(key='knoll2017no',type='article',authors='Knoll, Katharina and Schularick, Moritz and Steger, Thomas',year=2017,title='No Price Like Home: Global House Prices, 1870--2012',journal='American Economic Review',vol='107',num='2',pages='331--353',doi='10.1257/aer.20150501',109 model='Empirical long-run',method='14-country house price dataset + decomposition',findings='Real house prices roughly constant until mid-20th century then tripled; about 80% of the increase is land prices',limitations='Aggregates',relevance='Motivates land scarcity as the long-run driver of housing wealth, central to (iv)',overlap='None',verified=CR)110add(key='glaeser2018economic',type='article',authors='Glaeser, Edward and Gyourko, Joseph',year=2018,title='The Economic Implications of Housing Supply',journal='Journal of Economic Perspectives',vol='32',num='1',pages='3--30',doi='10.1257/jep.32.1.3',111 model='Survey',method='Survey',findings='Supply restrictions raise prices above construction costs and reduce mobility and welfare',limitations='Survey',relevance='Framing for supply policy section',overlap='None',verified=CR)112add(key='baumsnow2024microgeography',type='article',authors='Baum-Snow, Nathaniel and Han, Lu',year=2024,title='The Microgeography of Housing Supply',journal='Journal of Political Economy',vol='132',num='6',pages='1897--1946',doi='10.1086/728110',113 model='Empirical',method='Neighbourhood-level supply elasticities',findings='Supply elasticities vary widely within cities; low in dense cores',limitations='US',relevance='Recent elasticity estimates for calibration ranges',overlap='None',verified=CR)114add(key='davis2007price',type='article',authors='Davis, Morris A. and Heathcote, Jonathan',year=2007,title='The Price and Quantity of Residential Land in the {United States}',journal='Journal of Monetary Economics',vol='54',num='8',pages='2595--2620',doi='10.1016/j.jmoneco.2007.06.023',115 model='Accounting + empirics',method='Land/structure decomposition',findings='Land share of house value rose from 35% to over 45%; land prices drive house price volatility',limitations='US',relevance='Justifies modelling land as fixed factor in housing production',overlap='None',verified=CR)116add(key='hilber2016impact',type='article',authors='Hilber, Christian A. L. and Vermeulen, Wouter',year=2016,title='The Impact of Supply Constraints on House Prices in {England}',journal='Economic Journal',vol='126',num='591',pages='358--405',doi='10.1111/ecoj.12213',117 model='Empirical',method='Panel of English local authorities',findings='Regulatory constraints substantially raise house prices and their income elasticity',limitations='England',relevance='Non-US evidence on supply constraints',overlap='None',verified=CR)118add(key='favilukis2023affordable',type='article',authors='Favilukis, Jack and Mabille, Pierre and Van Nieuwerburgh, Stijn',year=2023,title='Affordable Housing and City Welfare',journal='Review of Economic Studies',vol='90',num='1',pages='293--330',doi='10.1093/restud/rdac024',119 model='Dynamic stochastic spatial equilibrium with owners, renters, construction, incomplete markets',method='Calibrated to New York MSA',findings='Affordability policies have insurance value but distort supply and labour; wealth inequality endogenous',limitations='City-level; no inheritance or inflation',relevance='Shows how to endogenise rents, prices, construction and wealth inequality jointly',overlap='Medium (model architecture)',verified=CR2)120add(key='grossmann2021distributional',type='article',authors='Grossmann, Volker and Larin, Benjamin and L{\\"o}fflad, Hans Torben and Steger, Thomas',year=2021,title='Distributional Consequences of Surging Housing Rents',journal='Journal of Economic Theory',vol='196',num='',pages='105275',doi='10.1016/j.jet.2021.105275',121 model='Dynamic GE with land as fixed factor, owners/landlords and renters',method='Theory + calibration',findings='Land scarcity with growth raises rents and house prices; redistributes from renters to landowners and raises wealth inequality',limitations='Representative types; no bequest heterogeneity, no nominal debt (metadata verified; abstract not retrieved)',relevance='Closest theoretical treatment of land scarcity as a driver of owner-renter inequality (contribution iv)',overlap='High on the supply-scarcity inequality link; WP18 adds mortgage contracts, inflation and ownership entry',verified=CR)122add(key='borri2021optimal',type='article',authors='Borri, Nicola and Reichlin, Pietro',year=2021,title='Optimal Taxation with Home Ownership and Wealth Inequality',journal='Review of Economic Dynamics',vol='40',num='',pages='64--84',doi='10.1016/j.red.2020.09.003',123 model='Heterogeneous-agent model with owners/renters and housing taxation',method='Theory + quantitative',findings='Housing price appreciation widens wealth inequality between owners and renters; optimal taxation of housing analysed (metadata verified; abstract not retrieved)',limitations='No inflation, no inheritance process',relevance='Normative counterpart on owner-renter inequality',overlap='Medium',verified=CR)124add(key='rognlie2015deciphering',type='article',authors='Rognlie, Matthew',year=2015,title='Deciphering the Fall and Rise in the Net Capital Share: Accumulation or Scarcity?',journal='Brookings Papers on Economic Activity',vol='2015',num='1',pages='1--69',doi='10.1353/eca.2016.0002',125 model='Empirical/accounting',method='National accounts decomposition',findings='Post-war rise in net capital share comes entirely from housing; scarcity rather than accumulation',limitations='Aggregates',relevance='Housing scarcity as the source of rising capital share motivates land-constrained supply',overlap='None',verified=CR2)126# ---------------- Tenure, rental equilibrium, life cycle ----------------127add(key='henderson1983model',type='article',authors='Henderson, J. Vernon and Ioannides, Yannis M.',year=1983,title='A Model of Housing Tenure Choice',journal='American Economic Review',vol='73',num='1',pages='98--113',doi='',url='https://ideas.repec.org/a/aea/aecrev/v73y1983i1p98-113.html',128 model='Static theory of tenure choice with rental externality',method='Theory',findings='Owning dominates renting when the consumption demand exceeds investment demand; rental externality (maintenance) creates an ownership premium',limitations='Static, no credit constraints',relevance='Origin of the owner-premium rationale for a rent-price wedge',overlap='Low',verified='RePEc/IDEAS (vol. 73(1), 98--113) ; pas de DOI Crossref pour les AER de 1983')129add(key='ortalomagne2006housing',type='article',authors='Ortalo-Magn{\\\'e}, Fran{\\c{c}}ois and Rady, Sven',year=2006,title='Housing Market Dynamics: On the Contribution of Income Shocks and Credit Constraints',journal='Review of Economic Studies',vol='73',num='2',pages='459--485',doi='10.1111/j.1467-937X.2006.383_1.x',130 model='Life-cycle OLG with property ladder (starter/trade-up) and down-payment constraint',method='Analytical theory',131 findings='Young households\' ability to finance a down payment drives prices; income shocks cause overshooting; capital gains on starter homes relax constraints of existing owners',132 limitations='No bequests, no inflation, no rental supply elasticity, stylised income',relevance='Direct analytical precedent for an ownership-entry threshold (contribution i) and path dependence (ii)',overlap='High: entry threshold via down-payment and price feedback; WP18 adds bequests, nominal debt, supply elasticity and GE wealth distribution',verified=CR2)133add(key='stein1995prices',type='article',authors='Stein, Jeremy C.',year=1995,title='Prices and Trading Volume in the Housing Market: A Model with Down-Payment Effects',journal='Quarterly Journal of Economics',vol='110',num='2',pages='379--406',doi='10.2307/2118444',134 model='Static model with down-payment constraints and repeat buyers',method='Theory',findings='Down-payment effects generate multiple equilibria and price-volume comovement',limitations='Static',relevance='Origin of multiple equilibria through down-payment feedback (contribution ii)',overlap='Medium on multiplicity mechanism',verified=CR)135add(key='chambers2009accounting',type='article',authors='Chambers, Matthew and Garriga, Carlos and Schlagenhauf, Don E.',year=2009,title='Accounting for Changes in the Homeownership Rate',journal='International Economic Review',vol='50',num='3',pages='677--726',doi='10.1111/j.1468-2354.2009.00544.x',136 model='Quantitative GE OLG with housing, tenure choice and mortgage contracts',method='Calibrated GE',findings='Mortgage innovation explains 56--70% of the 1994--2005 rise in homeownership; introduction of the FRM explains at least half of the post-1940 rise',limitations='No bequest heterogeneity, no inflation surprises',relevance='Benchmark OLG GE for mortgage-contract effects on ownership (contribution iv)',overlap='High on contract-to-ownership link; WP18 adds inheritance and inflation',verified=CR2)137add(key='chambers2009loan',type='article',authors='Chambers, Matthew S. and Garriga, Carlos and Schlagenhauf, Don',year=2009,title='The Loan Structure and Housing Tenure Decisions in an Equilibrium Model of Mortgage Choice',journal='Review of Economic Dynamics',vol='12',num='3',pages='444--468',doi='10.1016/j.red.2009.01.003',138 model='Equilibrium life-cycle model with mortgage contract choice',method='Calibrated',findings='Contract menu (FRM, balloon, combo) affects tenure and ownership timing',limitations='No inflation surprise',relevance='Contract design and ownership entry',overlap='Medium',verified=CR)139add(key='sommer2013equilibrium',type='article',authors='Sommer, Kamila and Sullivan, Paul and Verbrugge, Randal',year=2013,title='The Equilibrium Effect of Fundamentals on House Prices and Rents',journal='Journal of Monetary Economics',vol='60',num='7',pages='854--870',doi='10.1016/j.jmoneco.2013.04.017',140 model='Dynamic equilibrium with endogenous prices and rents, owners/renters/landlords',method='Calibrated GE',findings='Lower rates, looser credit and higher income explain about half of the 1995--2006 rise in price-rent ratio',limitations='No bequests/inflation',relevance='Rental equilibrium template with endogenous rent-price ratio',overlap='Medium',verified=CR2)141add(key='sommer2018implications',type='article',authors='Sommer, Kamila and Sullivan, Paul',year=2018,title='Implications of {US} Tax Policy for House Prices, Rents, and Homeownership',journal='American Economic Review',vol='108',num='2',pages='241--274',doi='10.1257/aer.20141751',142 model='Dynamic GE housing model with progressive taxes, owners, renters, landlords',method='Calibrated GE policy experiment',findings='Removing the mortgage interest deduction lowers prices, raises homeownership and welfare',limitations='No bequests, no inflation',relevance='Shows GE price feedback can reverse partial-equilibrium intuition, a warning for all WP18 claims',overlap='Medium (architecture)',verified=CR2)143add(key='iacoviello2013housing',type='article',authors='Iacoviello, Matteo and Pavan, Marina',year=2013,title='Housing and Debt over the Life Cycle and over the Business Cycle',journal='Journal of Monetary Economics',vol='60',num='2',pages='221--238',doi='10.1016/j.jmoneco.2012.10.020',144 model='Quantitative GE life-cycle with housing, debt, down payments',method='Calibrated GE',findings='Matches age profiles of ownership and debt; lower down payments and higher income risk reduce housing volatility',limitations='No bequest heterogeneity or inflation',relevance='Life-cycle debt and ownership profiles benchmark',overlap='Medium',verified=CR2)145add(key='gervais2002housing',type='article',authors='Gervais, Martin',year=2002,title='Housing Taxation and Capital Accumulation',journal='Journal of Monetary Economics',vol='49',num='7',pages='1461--1489',doi='10.1016/S0304-3932(02)00172-1',146 model='OLG GE with owners/renters and down-payment constraint',method='Calibrated GE',findings='Tax treatment of housing distorts tenure and capital accumulation',limitations='No inheritance or inflation',relevance='Early OLG GE with tenure and down payment',overlap='Medium',verified=CR)147add(key='diaz2008user',type='article',authors='D{\\\'i}az, Antonia and Luengo-Prado, Mar{\\\'i}a Jos{\\\'e}',year=2008,title='On the User Cost and Homeownership',journal='Review of Economic Dynamics',vol='11',num='3',pages='584--613',doi='10.1016/j.red.2007.12.002',148 model='Life-cycle model with owners/renters, user cost',method='Calibrated',findings='Tax advantages and transaction costs explain the ownership premium; user cost comparisons mislead',limitations='Partial equilibrium prices',relevance='User-cost framework for rent-price wedge',overlap='Low',verified=CR)149add(key='diaz2010wealth',type='article',authors='D{\\\'i}az, Antonia and Luengo-Prado, Mar{\\\'i}a Jos{\\\'e}',year=2010,title='The Wealth Distribution with Durable Goods',journal='International Economic Review',vol='51',num='1',pages='143--170',doi='10.1111/j.1468-2354.2009.00574.x',150 model='Incomplete-markets model with housing as durable, collateral and transaction costs',method='Calibrated',findings='Housing raises measured wealth inequality concentration patterns; collateral constraints matter for the bottom of the distribution',limitations='Infinite horizon, no bequests',relevance='Housing and the shape of the wealth distribution',overlap='Medium',verified=CR)151add(key='cocco2005portfolio',type='article',authors='Cocco, Jo{\\~a}o F.',year=2005,title='Portfolio Choice in the Presence of Housing',journal='Review of Financial Studies',vol='18',num='2',pages='535--567',doi='10.1093/rfs/hhi006',152 model='Life-cycle portfolio model with housing',method='Numerical',findings='House price risk crowds out stockholding for young and poor owners',limitations='Partial equilibrium',relevance='Renter investment returns vs owner leveraged housing returns',overlap='Low',verified=CR)153add(key='halket2014saving',type='article',authors='Halket, Jonathan and Vasudev, Santhanagopalan',year=2014,title='Saving Up or Settling Down: Home Ownership over the Life Cycle',journal='Review of Economic Dynamics',vol='17',num='2',pages='345--366',doi='10.1016/j.red.2013.06.002',154 model='Life-cycle model with mobility, tenure and down payment',method='Calibrated',findings='Mobility and down-payment saving jointly explain the age profile of ownership',limitations='Partial equilibrium',relevance='Saving-for-down-payment behaviour before the ownership threshold',overlap='Medium',verified=CR)155add(key='halket2015homeownership',type='article',authors='Halket, Jonathan and Pignatti Morano di Custoza, Matteo',year=2015,title='Homeownership and the Scarcity of Rentals',journal='Journal of Monetary Economics',vol='76',num='',pages='107--123',doi='10.1016/j.jmoneco.2015.08.003',156 model='Competitive search model of rental market with private information on tenure duration',method='Theory + listing data',findings='Rental scarcity for long-stay households raises ownership; ownership higher where rents are low relative to prices but rentals scarce',limitations='No dynamics of wealth',relevance='Microfoundation for rental scarcity and the rent-price ratio',overlap='Low',verified=CR2)157add(key='pazpardo2024homeownership',type='article',authors='Paz-Pardo, Gonzalo',year=2024,title='Homeownership and Portfolio Choice over the Generations',journal='American Economic Journal: Macroeconomics',vol='16',num='1',pages='207--237',doi='10.1257/mac.20200473',158 model='Life-cycle model with housing, portfolio choice, flexible earnings risk',method='Estimated earnings processes + calibrated model',findings='Riskier and more unequal earnings of later cohorts explain much of the fall in young homeownership; lower-income households buy later and accumulate less wealth',limitations='No GE prices, no bequest heterogeneity',relevance='Earnings-risk channel into ownership entry and wealth, to separate from the inheritance channel',overlap='Medium on (i)',verified=CR2)159add(key='kaas2021low',type='article',authors='Kaas, Leo and Kocharkov, Georgi and Preugschat, Edgar and Siassi, Nawid',year=2021,title='Low Homeownership in {Germany}---A Quantitative Exploration',journal='Journal of the European Economic Association',vol='19',num='1',pages='128--164',doi='10.1093/jeea/jvaa004',160 model='Life-cycle model with income and housing risk, endogenous tenure, social housing, transfer taxes',method='Calibrated',findings='Social housing, transfer taxes and no mortgage deduction explain about two thirds of the Germany-US ownership gap; closing it would lower welfare',limitations='No GE price feedback, no inheritance',relevance='Policy determinants of ownership rates; welfare caution',overlap='Low-medium',verified=CR2)161add(key='floetotto2016government',type='article',authors='Floetotto, Max and Kirker, Michael and Stroebel, Johannes',year=2016,title='Government Intervention in the Housing Market: Who Wins, Who Loses?',journal='Journal of Monetary Economics',vol='80',num='',pages='106--123',doi='10.1016/j.jmoneco.2016.04.005',162 model='GE heterogeneous-agent model with owner/rental housing and taxes',method='Calibrated, transition dynamics',findings='Homebuyer credits raise prices temporarily and lower welfare; removing tax asymmetry helps a majority in steady state but transitions create winners and losers',limitations='No inheritance or inflation',relevance='Transition-path distributional analysis template for policy section',overlap='Low-medium',verified=CR2)163add(key='nakajima2020home',type='article',authors='Nakajima, Makoto and Telyukova, Irina A.',year=2020,title='Home Equity in Retirement',journal='International Economic Review',vol='61',num='2',pages='573--616',doi='10.1111/iere.12435',164 model='Estimated structural life-cycle model of retirees with housing',method='Structural estimation',findings='Owners dissave slowly because they want to stay and cannot borrow; housing boom raised retiree assets 28--44%',limitations='Retirement phase only',relevance='Houses as the main bequeathed asset: end-of-life housing holdings feed the inheritance process',overlap='Low',verified=CR2)165add(key='linneman1989impacts',type='article',authors='Linneman, Peter and Wachter, Susan',year=1989,title='The Impacts of Borrowing Constraints on Homeownership',journal='Real Estate Economics',vol='17',num='4',pages='389--402',doi='10.1111/1540-6229.00499',166 model='Empirical',method='SCF-based constraint measures',findings='Wealth (down-payment) constraints reduce ownership more than income constraints',limitations='Cross-section',relevance='Early evidence that the wealth constraint, not income, blocks ownership',overlap='None',verified=CR)167# ---------------- Incomplete markets, bequests, intergenerational wealth ----------------168add(key='samuelson1958exact',type='article',authors='Samuelson, Paul A.',year=1958,title='An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money',journal='Journal of Political Economy',vol='66',num='6',pages='467--482',doi='10.1086/258100',169 model='OLG',method='Theory',findings='Foundational OLG model',limitations='---',relevance='OLG foundation',overlap='None',verified=CR)170add(key='diamond1965national',type='article',authors='Diamond, Peter A.',year=1965,title='National Debt in a Neoclassical Growth Model',journal='American Economic Review',vol='55',num='5',pages='1126--1150',doi='',url='https://assets.aeaweb.org/asset-server/journals/aer/top20/55.5.1126-1150.pdf',171 model='OLG with capital',method='Theory',findings='OLG with production and debt; dynamic efficiency',limitations='---',relevance='OLG production foundation',overlap='None',verified='PDF officiel AEA (assets.aeaweb.org, top20) ; pas de DOI Crossref')172add(key='aiyagari1994uninsured',type='article',authors='Aiyagari, S. Rao',year=1994,title='Uninsured Idiosyncratic Risk and Aggregate Saving',journal='Quarterly Journal of Economics',vol='109',num='3',pages='659--684',doi='10.2307/2118417',173 model='Bewley incomplete-markets GE',method='Theory + numerics',findings='Precautionary saving raises aggregate capital; stationary wealth distribution',limitations='No housing',relevance='Incomplete-markets foundation',overlap='None',verified=CR)174add(key='huggett1996wealth',type='article',authors='Huggett, Mark',year=1996,title='Wealth Distribution in Life-Cycle Economies',journal='Journal of Monetary Economics',vol='38',num='3',pages='469--494',doi='10.1016/S0304-3932(96)01291-3',175 model='Life-cycle incomplete-markets GE with accidental bequests',method='Calibrated',findings='Life-cycle model reproduces wealth Gini but not the top tail',limitations='No housing',relevance='OLG wealth-distribution benchmark',overlap='None',verified=CR)176add(key='krusell1998income',type='article',authors='Krusell, Per and Smith, Jr., Anthony A.',year=1998,title='Income and Wealth Heterogeneity in the Macroeconomy',journal='Journal of Political Economy',vol='106',num='5',pages='867--896',doi='10.1086/250034',177 model='Incomplete markets with aggregate risk',method='Approximate aggregation',findings='Discount-factor heterogeneity generates realistic wealth concentration',limitations='No housing',relevance='Computational approach to aggregate risk if needed',overlap='None',verified=CR)178add(key='denardi2004wealth',type='article',authors='De Nardi, Mariacristina',year=2004,title='Wealth Inequality and Intergenerational Links',journal='Review of Economic Studies',vol='71',num='3',pages='743--768',doi='10.1111/j.1467-937X.2004.00302.x',179 model='OLG incomplete markets with voluntary bequests and earnings transmission',method='Calibrated GE',findings='Voluntary bequests (luxury good) and intergenerational earnings links are needed to match the top of the wealth distribution',limitations='No housing',relevance='Canonical bequest specification that WP18 adopts and extends to housing',overlap='High on bequest process; none on housing/tenure',verified=CR)180add(key='castaneda2003accounting',type='article',authors='Casta{\\~n}eda, Ana and D{\\\'i}az-Gim{\\\'e}nez, Javier and R{\\\'i}os-Rull, Jos{\\\'e}-V{\\\'i}ctor',year=2003,title='Accounting for the {U.S.} Earnings and Wealth Inequality',journal='Journal of Political Economy',vol='111',num='4',pages='818--857',doi='10.1086/375382',181 model='Dynastic incomplete-markets model with life cycle and bequests',method='Calibrated',findings='Earnings process with top risk matches wealth inequality',limitations='No housing',relevance='Calibration strategy for earnings risk',overlap='None',verified=CR)182add(key='benhabib2011distribution',type='article',authors='Benhabib, Jess and Bisin, Alberto and Zhu, Shenghao',year=2011,title='The Distribution of Wealth and Fiscal Policy in Economies with Finitely Lived Agents',journal='Econometrica',vol='79',num='1',pages='123--157',doi='10.3982/ECTA8416',183 model='OLG with capital-income risk and bequests',method='Analytical (Pareto tails)',findings='Capital income risk, not labour income risk, generates Pareto tails; estate taxes reduce inequality',limitations='No housing',relevance='Analytical persistence results for inherited wealth',overlap='Medium on (ii) theory',verified=CR)184add(key='benhabib2019wealth',type='article',authors='Benhabib, Jess and Bisin, Alberto and Luo, Mi',year=2019,title='Wealth Distribution and Social Mobility in the {US}: A Quantitative Approach',journal='American Economic Review',vol='109',num='5',pages='1623--1647',doi='10.1257/aer.20151684',185 model='OLG with heterogeneous returns, bequests, earnings',method='Estimated',findings='Return heterogeneity and bequests jointly match distribution and mobility',limitations='No housing',relevance='Mobility metrics for WP18 inequality/mobility table',overlap='Low',verified=CR)186add(key='gabaix2016dynamics',type='article',authors='Gabaix, Xavier and Lasry, Jean-Michel and Lions, Pierre-Louis and Moll, Benjamin',year=2016,title='The Dynamics of Inequality',journal='Econometrica',vol='84',num='6',pages='2071--2111',doi='10.3982/ECTA13569',187 model='Continuous-time random growth',method='Theory',findings='Standard random-growth models transition too slowly; persistent heterogeneity needed for fast inequality changes',limitations='No housing',relevance='Speed-of-convergence benchmark for persistence claims (ii)',overlap='Low',verified=CR)188add(key='denardi2017saving',type='article',authors='De Nardi, Mariacristina and Fella, Giulio',year=2017,title='Saving and Wealth Inequality',journal='Review of Economic Dynamics',vol='26',num='',pages='280--300',doi='10.1016/j.red.2017.06.002',189 model='Survey',method='Survey',findings='Reviews mechanisms (bequests, returns, preferences, medical risk) for wealth inequality',limitations='Survey',relevance='Review frame',overlap='None',verified=CR)190add(key='hubmer2021sources',type='article',authors='Hubmer, Joachim and Krusell, Per and Smith, Jr., Anthony A.',year=2021,title='Sources of {US} Wealth Inequality: Past, Present, and Future',journal='NBER Macroeconomics Annual',vol='35',num='',pages='391--455',doi='10.1086/712332',191 model='Quantitative incomplete markets with return heterogeneity and taxes',method='Calibrated',findings='Falling tax progressivity and return heterogeneity drive rising concentration',limitations='No housing tenure',relevance='Return heterogeneity (leveraged housing returns) as inequality driver',overlap='Low',verified=CR)192add(key='kuhn2020income',type='article',authors='Kuhn, Moritz and Schularick, Moritz and Steins, Ulrike I.',year=2020,title='Income and Wealth Inequality in {America}, 1949--2016',journal='Journal of Political Economy',vol='128',num='9',pages='3469--3519',doi='10.1086/708815',193 model='Empirical (historical SCF)',method='Long-run microdata',findings='Portfolio composition (leveraged housing for the middle class vs equity for the top) makes asset price movements the main driver of wealth inequality dynamics',limitations='US',relevance='Evidence for the leverage-portfolio channel of inequality that WP18 formalises',overlap='None (empirical)',verified=CR)194add(key='bartscher2020modigliani',type='techreport',authors='Bartscher, Alina K. and Kuhn, Moritz and Schularick, Moritz and Steins, Ulrike I.',year=2020,title='{Modigliani} Meets {Minsky}: Inequality, Debt, and Financial Fragility in {America}, 1950--2016',journal='SSRN Working Paper',vol='',num='',pages='',doi='10.2139/ssrn.3601951',institution='SSRN / CEPR DP 14667',195 model='Empirical',method='Historical SCF',findings='Household debt growth concentrated in the middle class, financed by house price gains (home-equity borrowing)',limitations='Working paper (not published as of 2026-10-20 per authors\' CV)',relevance='Leverage and house prices as joint drivers of middle-class balance sheets',overlap='None',verified=CR)196add(key='piketty2011long',type='article',authors='Piketty, Thomas',year=2011,title='On the Long-Run Evolution of Inheritance: {France} 1820--2050',journal='Quarterly Journal of Economics',vol='126',num='3',pages='1071--1131',doi='10.1093/qje/qjr020',197 model='Accounting theory of inheritance flows',method='Historical data',findings='Inheritance flows returned to 15% of national income; r > g logic',limitations='France',relevance='Macro significance of bequests',overlap='None',verified=CR)198add(key='piketty2014capital',type='article',authors='Piketty, Thomas and Zucman, Gabriel',year=2014,title='Capital is Back: Wealth-Income Ratios in Rich Countries 1700--2010',journal='Quarterly Journal of Economics',vol='129',num='3',pages='1255--1310',doi='10.1093/qje/qju018',199 model='Accounting',method='National balance sheets',findings='Wealth-income ratios rose from 200--300% to 400--600%; housing is a major component',limitations='Aggregates',relevance='Housing as the main component of rising wealth-income ratios',overlap='None',verified=CR)200add(key='boar2021dynastic',type='article',authors='Boar, Corina',year=2021,title='Dynastic Precautionary Savings',journal='Review of Economic Studies',vol='88',num='6',pages='2735--2765',doi='10.1093/restud/rdab012',201 model='Empirical + two-generation saving model',method='PSID parent-child pairs',findings='Parents save more when children face higher permanent-income risk',limitations='No housing',relevance='Inter vivos transfers as insurance: motivates endogenous timing of transfers at home purchase',overlap='Low',verified=CR2)202add(key='nekoei2023how',type='article',authors='Nekoei, Arash and Seim, David',year=2023,title='How Do Inheritances Shape Wealth Inequality? Theory and Evidence from {Sweden}',journal='Review of Economic Studies',vol='90',num='1',pages='463--498',doi='10.1093/restud/rdac016',203 model='Empirical + theory',method='Swedish registers, quasi-experiment',findings='Inheritances reduce inequality on receipt but increase it within a decade because wealthy heirs earn higher returns',limitations='Sweden',relevance='Return heterogeneity after inheritance; housing is a candidate return channel WP18 can test',overlap='Low-medium',verified=CR2)204add(key='elinder2018inheritance',type='article',authors='Elinder, Mikael and Erixson, Oscar and Waldenstr{\\"o}m, Daniel',year=2018,title='Inheritance and Wealth Inequality: Evidence from Population Registers',journal='Journal of Public Economics',vol='165',num='',pages='17--30',doi='10.1016/j.jpubeco.2018.06.012',205 model='Empirical',method='Swedish registers',findings='Inheritances reduce relative inequality but raise absolute dispersion; heirs\' responses matter',limitations='Sweden',relevance='Empirical discipline for the bequest experiment',overlap='None',verified=CR)206add(key='fagereng2021why',type='article',authors='Fagereng, Andreas and Mogstad, Magne and R{\\o}nning, Marte',year=2021,title='Why Do Wealthy Parents Have Wealthy Children?',journal='Journal of Political Economy',vol='129',num='3',pages='703--756',doi='10.1086/712446',207 model='Empirical (Norwegian adoptees)',method='Quasi-random adoptive placement',findings='Family environment causally raises child wealth and risk-taking; effect not mainly through gifts/inheritances',limitations='Norway',relevance='Warns that intergenerational wealth persistence is not only transfers; WP18 inheritance channel is one part',overlap='None',verified=CR2)208add(key='daysal2023intergenerational',type='techreport',authors='Daysal, N. Meltem and Lovenheim, Michael F. and Wasser, David N.',year=2023,title='The Intergenerational Transmission of Housing Wealth',journal='NBER Working Paper 31669',vol='',num='31669',pages='',doi='10.3386/w31669',institution='National Bureau of Economic Research',209 model='Empirical (Danish registers)',method='Local house price variation during childhood',findings='About 25% of parental housing wealth gains in early childhood pass through to children\'s housing wealth and 27% to total wealth; modest effects on ownership; earnings/education explain only 20--30%',limitations='Working paper; Denmark',relevance='Direct empirical measure of the parental-housing-wealth channel (contribution i/ii)',overlap='None (empirical)',verified='Crossref (NBER DOI) + page NBER lue (résumé)')210add(key='benetton2022dynastic',type='techreport',authors='Benetton, Matteo and Kudlyak, Marianna and Mondragon, John',year=2022,title='Dynastic Home Equity',journal='SSRN Working Paper',vol='',num='',pages='',doi='10.2139/ssrn.4163306',institution='SSRN',211 model='Empirical (US credit bureau parent-child links)',method='Parental home equity shocks',findings='Parental home equity raises children\'s homeownership (metadata verified; abstract page inaccessible)',limitations='Working paper; abstract not retrieved',relevance='Parental housing wealth as collateral for children\'s entry',overlap='None',verified='Crossref (SSRN DOI 10.2139/ssrn.4163306) ; pages SSRN/Fed inaccessibles')212add(key='charles2002transition',type='article',authors='Charles, Kerwin Kofi and Hurst, Erik',year=2002,title='The Transition to Home Ownership and the Black-White Wealth Gap',journal='Review of Economics and Statistics',vol='84',num='2',pages='281--297',doi='10.1162/003465302317411532',213 model='Empirical (PSID)',method='Transition analysis',findings='Parental wealth and transfers (down-payment help) explain much of the racial ownership gap; income differences play a role in application rates',limitations='US',relevance='Equal-income households differ in ownership through parental transfers: the exact comparison in WP18',overlap='None (empirical)',verified=CR)214add(key='engelhardt1998intergenerational',type='article',authors='Engelhardt, Gary V. and Mayer, Christopher J.',year=1998,title='Intergenerational Transfers, Borrowing Constraints, and Saving Behavior: Evidence from the Housing Market',journal='Journal of Urban Economics',vol='44',num='1',pages='135--157',doi='10.1006/juec.1997.2064',215 model='Empirical',method='First-time buyer survey',findings='About 20% of first-time buyers receive transfers covering half the down payment; transfers reduce own saving',limitations='US 1990s',relevance='Transfers at purchase as the empirical form of the bequest channel',overlap='None',verified=CR)216add(key='guiso2002private',type='article',authors='Guiso, Luigi and Jappelli, Tullio',year=2002,title='Private Transfers, Borrowing Constraints, and Timing of Homeownership',journal='Journal of Money, Credit, and Banking',vol='34',num='2',pages='315--339',doi='10.1353/mcb.2002.0039',217 model='Empirical (Italy SHIW) + duration model',method='Duration analysis',findings='Transfers advance first purchase by about two years and raise house size',limitations='Italy',relevance='Timing of ownership entry under transfers',overlap='None',verified=CR)218add(key='blickle2019borrowing',type='article',authors='Blickle, Kristian and Brown, Martin',year=2019,title='Borrowing Constraints, Home Ownership and Housing Choice: Evidence from Intra-Family Wealth Transfers',journal='Journal of Money, Credit and Banking',vol='51',num='2--3',pages='539--580',doi='10.1111/jmcb.12566',219 model='Empirical (Swiss panel)',method='Transfer receipt vs tenure transition',findings='Transfers raise renter-to-owner transitions by 6--8 pp (35% of mean) through relaxed constraints, not wealth effects',limitations='Switzerland',relevance='Causal size of the transfer-to-ownership effect',overlap='None',verified=CR2)220add(key='lee2020role',type='article',authors='Lee, Hyojung and Myers, Dowell and Painter, Gary and Thunell, Johanna and Zissimopoulos, Julie',year=2020,title='The Role of Parental Financial Assistance in the Transition to Homeownership by Young Adults',journal='Journal of Housing Economics',vol='47',num='',pages='101597',doi='10.1016/j.jhe.2018.08.002',221 model='Empirical (PSID)',method='Transition models',findings='Parental assistance substantially raises young adults\' ownership transitions',limitations='US',relevance='Recent US evidence on the parental channel',overlap='None',verified=CR)222add(key='kaplan2014model',type='article',authors='Kaplan, Greg and Violante, Giovanni L.',year=2014,title='A Model of the Consumption Response to Fiscal Stimulus Payments',journal='Econometrica',vol='82',num='4',pages='1199--1239',doi='10.3982/ECTA10528',223 model='Two-asset life-cycle model',method='Calibrated',findings='Wealthy hand-to-mouth households (illiquid housing) have high MPCs',limitations='No GE housing prices',relevance='Owners as wealthy hand-to-mouth: liquidity vs net worth distinction',overlap='Low',verified=CR)224# ---------------- Canada ----------------225add(key='allen2019search',type='article',authors='Allen, Jason and Clark, Robert and Houde, Jean-Fran{\\c{c}}ois',year=2019,title='Search Frictions and Market Power in Negotiated-Price Markets',journal='Journal of Political Economy',vol='127',num='4',pages='1550--1598',doi='10.1086/701684',226 model='Structural search model of Canadian mortgage market',method='Estimated on insured mortgages',findings='Search frictions and discrimination create dispersion in Canadian mortgage rates',limitations='Pricing only',relevance='Institutional detail of Canadian five-year insured mortgages',overlap='None',verified=CR)227add(key='kartashova2020how',type='techreport',authors='Kartashova, Katya and Zhou, Xiaoqing',year=2020,title='How Do Mortgage Rate Resets Affect Consumer Spending and Debt Repayment? Evidence from {Canadian} Consumers',journal='Bank of Canada Staff Working Paper 2020-18',vol='',num='2020-18',pages='',doi='10.34989/swp-2020-18',institution='Bank of Canada',228 model='Empirical (Canadian credit panel)',method='Scheduled resets of short-term fixed-rate mortgages',findings='Asymmetric responses of durable spending, deleveraging and default to rate resets; cash-flow effects plus expectations',limitations='Reduced form',relevance='Canadian five-year FRM resets are the institutional core of the mortgage-contract dimension',overlap='None',verified='Page Banque du Canada (DOI 10.34989/swp-2020-18) lue')229add(key='bounajm2024modelling',type='techreport',authors='Bounajm, Fares and McWhirter, Austin',year=2024,title='Modelling {Canadian} Mortgage Debt and Payments in a Semi-Structural Model',journal='Bank of Canada Staff Analytical Note 2024-1',vol='',num='2024-1',pages='',doi='10.34989/san-2024-1',institution='Bank of Canada',230 model='Semi-structural (LENS) mortgage debt block',method='Model documentation',findings='Represents Canada\'s term structure of mortgage debt; longer fixed terms slow pass-through of rate changes to spending',limitations='Policy note',relevance='Institutional modelling of Canadian mortgage amortisation and renewal timing',overlap='None',verified='Page Banque du Canada (DOI 10.34989/san-2024-1) lue')231add(key='godbout2025how',type='techreport',authors='Godbout, Claudia and Su, Adam and Xu, Yang',year=2025,title='How Will Mortgage Payments Change at Renewal? An Updated Analysis',journal='Bank of Canada Staff Analytical Note 2025-21',vol='',num='2025-21',pages='',doi='10.34989/san-2025-21',institution='Bank of Canada',232 model='Microsimulation of Canadian mortgages',method='Loan-level data',findings='About 60% of outstanding mortgages renew in 2025--2026; five-year fixed-rate borrowers face average payment increases of 15--20% versus December 2024',limitations='Policy note',relevance='Quantifies the renewal shock that distinguishes Canadian 5-year FRM from US 30-year FRM in contribution (iii)',overlap='None',verified='Page Banque du Canada (DOI 10.34989/san-2025-21) lue')233add(key='statcan2024survey',type='misc',authors='{Statistics Canada}',year=2024,title='Survey of Financial Security, 2023',journal='The Daily, 29 October 2024',vol='',num='',pages='',doi='',url='https://www150.statcan.gc.ca/n1/daily-quotidien/241029/dq241029a-eng.htm',234 model='Official statistics',method='Survey',findings='Median family net worth $519,700 (+57% vs 2019); families 55--64: owners with pension $1.4M vs renters without pension $11,900; under-35 owners $457,100 vs non-owners $44,000; 39% hold a mortgage',limitations='Top wealth under-sampled',relevance='Headline Canadian owner-renter wealth gap motivating the paper and calibration targets',overlap='None',verified='Page Statistique Canada lue (The Daily 2024-10-29)')235add(key='mirdamadi2023parents',type='misc',authors='Mirdamadi, Michael and Khalid, Aisha',year=2023,title='Parents and Children in the {Canadian} Housing Market: Does Parental Property Ownership Increase the Likelihood of Homeownership for their Adult Children?',journal='Statistics Canada, Housing Statistics in Canada, Catalogue 46-28-0001',vol='',num='',pages='',doi='',url='https://www150.statcan.gc.ca/n1/pub/46-28-0001/2023001/article/00004-eng.htm',236 model='Official statistics (linked CHSP data)',method='Descriptive/regression',findings='Children of homeowning parents are more likely to own; family gifts to first-time buyers rose from 20% to 28% of buyers (2015--2021) with average gift $50,000 to $80,000 (CIBC, cited therein)',limitations='Descriptive',relevance='Canadian evidence of the parental ownership channel',overlap='None',verified='Page Statistique Canada lue (2023-11-20)')237add(key='hou2010homeownership',type='techreport',authors='Hou, Feng',year=2010,title='Homeownership over the Life Course of {Canadians}: Evidence from {Canadian} Censuses of Population',journal='Statistics Canada Analytical Studies Branch Research Paper 325',vol='',num='325',pages='',doi='',url='https://www150.statcan.gc.ca/n1/pub/11f0019m/11f0019m2010325-eng.htm',institution='Statistics Canada',238 model='Descriptive (censuses 1971--2006)',method='Cohort profiles',findings='Ownership rises steeply before 40, plateaus near 65 at about three quarters; plateau rose across cohorts; income closely tied to ownership',limitations='Descriptive',relevance='Canadian age profile of ownership for validation of baseline moments',overlap='None',verified='Catalogue Statistique Canada 11F0019M2010325 (recherche web + SSRN 10.2139/ssrn.2029933 Crossref)')239add(key='cmhc2026residential',type='misc',authors='{Canada Mortgage and Housing Corporation}',year=2026,title='Residential Mortgage Industry Report, Spring 2026',journal='CMHC',vol='',num='',pages='',doi='',url='https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-research/research-reports/housing-finance/residential-mortgage-industry-report',240 model='Industry statistics',method='Report',findings='Only 11% of mortgages extended at chartered banks in February 2026 were traditional five-year fixed; variable 42%; renewal pressures peaked in 2025',limitations='Report',relevance='Contract-mix facts for the Canadian calibration',overlap='None',verified='Page SCHL lue (2026)')241DROP={'krusell1998income','castaneda2003accounting','benhabib2019wealth','hubmer2021sources','denardi2017saving','piketty2011long','elinder2018inheritance','lee2020role','kaplan2014model','jorda2016great','aladangady2017housing','beraja2019regional','boar2022liquidity','garriga2020mortgage','justiniano2019credit','berger2018house','garriga2021monk','davis2015housing','glaeser2006urban','baumsnow2024microgeography','hilber2016impact','diaz2008user','cocco2005portfolio','chambers2009loan','bartscher2020modigliani','sheedy2014debt'}242R=[r for r in R if r['key'] not in DROP]243import json; json.dump(sorted(DROP),open('/tmp/wp18gen/dropped.json','w'))244# ---------------- write CSV ----------------245cols=['key','authors','year','title','journal','doi_url','model','method','findings','limitations','relevance_to_wp18','overlap','verified_via']246with open(sys.argv[1],'w',newline='') as f:247 w=csv.writer(f); w.writerow(cols)248 for r in R:249 doi_url=('https://doi.org/'+r['doi']) if r.get('doi') else r.get('url','')250 w.writerow([r['key'],r['authors'].replace('{','').replace('}','').replace('\\','').replace("'",''),r['year'],r['title'].replace('{','').replace('}',''),r['journal'],doi_url,r['model'],r['method'],r['findings'],r['limitations'],r['relevance'],r['overlap'],r['verified']])251# ---------------- write BIB ----------------252def fld(k,v): return f' {k:<12}= {{{v}}},\n' if v else ''253with open(sys.argv[2],'w') as f:254 f.write('% Bibliography for UQO Working Paper No. 18 -- all entries verified (Crossref/DOI/publisher page), see research/literature_matrix.csv\n\n')255 for r in sorted(R,key=lambda x:x['key']):256 t=r['type']; s=f'@{t}{{{r["key"]},\n'257 s+=fld('author',r['authors'])+fld('title',r['title'])+fld('year',r['year'])258 if t=='article': s+=fld('journal',r['journal'])+fld('volume',r['vol'])+fld('number',r['num'])+fld('pages',r['pages'])259 elif t=='incollection': s+=fld('booktitle',r['booktitle'])+fld('publisher',r['publisher'])+fld('volume',r['vol'])+fld('pages',r['pages'])260 elif t=='techreport': s+=fld('institution',r['institution'])+fld('type',r['journal'].split(' 20')[0] if 'Working Paper' in r['journal'] or 'Analytical Note' in r['journal'] or 'Research Paper' in r['journal'] else 'Working Paper')+fld('number',r['num'])261 elif t=='misc': s+=fld('howpublished',r['journal'])262 s+=fld('doi',r['doi'])+fld('url',r.get('url',''))263 s=s.rstrip(',\n')+'\n}\n\n'; f.write(s)264print(len(R),'entries')265