要旨：Japan experienced an asset price bubble from the late 1980s to the early 1990s. This dramatic change in real asset prices had a great impact on housing decisions, asset accumulation, and the lifetime utility of households in Japan. This study aims to estimate the lifetime impact of real asset price bubbles on Japanese households. We construct a theoretical model explaining the dynamic housing decisions of households under collateral and borrowing constraints. Then, we estimate a model by using a unique dataset on household consumption and assets, precisely and subjectively estimating their housing wealth. By using the estimated model, we conduct a counterfactual simulation to quantify the effect of real asset price bubbles. From the simulation result, we find that the bubble caused a 2.5% loss in lifetime utility. This is equivalent to a 6 million yen (about $ 55,000) increase in financial asset holdings at age 25.

報告言語：英語