Chapter 1 Introduction Chapter 2 Estimating the Housing Wealth Effect on Household Labour Participation in the UK 2.1 Introduction 2.2 The Data 2.3 Econometric Specification and Estimation Strategy 2.3.1 Econometric Specification 2.3.2 Estimation Strategy 2.4 Estimation Results 2.4.1 Estimation Results for Wage Equations 2.4.2 Estimation Results for Household Participation 2.4.3 Robustness Check 2.5 Conclusion Chapter 3 Heterogeneous Wealth Effects on Consumption for Older Homeowners with Unobservable Borrowing Constraints 3.1 Introduction 3.2 Theoretical Motivation 3.2.1 Evolution and Cross Sectional Variation of Assets Allocations 3.2.2 Possible Asset Allocation Regimes 3.3 Data 3.3.1 Conceptual Definition 3.3.2 Infrequency of Home Purchase Decisions 3.3.3 Sample Choice, Household Wealth and Demographics 3.4 A Multivariate Gaussian Mixture Model for Asset Allocation Patterns 3.4.1 A Standard EM Algorithm for a Multivariate Gaussian Mixture Model 3.4.2 The Censored Data EM Algorithm for a Multivariate Gaussian Mixture Model 3.5 Classification Results 3.5.1 Determinant of Component Membership 3.5.2 Alignment in Theoretical Regimes and Empirical Components 3.6 Structural Estimation on MPC for Older Homeowners 3.6.1 Imputed Non Housing Consumption 3.6.2 Moment Condition and Structural Estimation 3.7 Conclusion Chapter 4 Concluding Remarks References Appendix Appendix A Appendices to Chapter A.1 The House Price Process A.2 Reduced Form Labour Participation Estimates Appendix B Appendices to Chapter B.1 Definition of Variables B.2 Regression of the Estimated Posterior Probability on Household Characteristics
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