House Price Volatility and the Housing Ladder

The authors gratefully acknowledge the financial support of the Economic and Social Research Council through the research grant RES-000-22-0513. The work of Banks, Blundell and Oldfield, was also supported by ESRC Centre for the Microeconomic Analysis of Public Policy at IFS (RES-544-28-0001). James Smith’s research was supported by grants from the National Institute on Aging and benefited from the expert programming assistance of David Rumpel and Iva Maclennan. This paper was presented at the biannual NBER Conference on the Economics of Aging at Carefree, Arizona in May 2015. We would like to thank our discussant Steven Venti and participants in the meeting for very helpful comments. The usual disclaimer applies. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.