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The Effects of Housing Adjustment Costs on Consumption Dynamics. (2015). Kay, Benjamin S.
In: Staff Discussion Papers.
RePEc:ofr:discus:15-03.

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  1. (θs − θM ) + RH,t θM The 2004 Survey of Consumer Finance Survey establishes θ2 ≈ .45. To estimate the consumption process predicted by this setup requires an estimate of θM . Estimating individual and aggregate human capital is a complex problem that is the focus of ongoing research (see Folloni and Vittadini [2010] for a review of the history and modern attempts at measurement). Jorgenson and Fraumeni [1989] estimates the stock of America’s human capital using school enrollment and demographic data. The paper finds human capital to be be about 92 percent of the total capital stock. However, this includes the value of non-market income (especially leisure) and so the numbers are not directly comparable to θM because that measure should only count resources convertible into durable and non-durable consumption. They estimate that the value of labor income only is about 18 percent of the total. This implies θM = .67.
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  27. Pc PHy2 So yes, it gives the expected results. We can safely work in price per square foot and then rely on gamma to convert them into the proper utility units. But since Flavin and Nakagawa (2008) finds that gamma is essentially 1 (1.015 page 491), this means that the true units are extremely close to square feet. We can work backwards from gamma estimates to get the units of housing that go into the utility function. γf2 γ?2 = ?2 f2 α ⇒ γf2 γ?2 1 α = 1.015 1 −6.7 = 0.9978 = ?2 f2 . Therefore the model fits the utility unit of housing such that gamma is 1 at .9978 the size of a square foot. There is minimal loss of precision to measure housing services in square-feet instead.
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