| 요약2 |
Mankiw and Weil (1989) demonstrated how a change of age structure exerts impacts on housing demand. Although M-W model has produced strong debates and criticisms, it has a high potential for improvement to analyze detailed characteristics of housing demand. One way for improvement is to incorporate various household characteristics in their demand estimation model. We develop a modified M-W model to incorporate various household factors like household type, income, and housing cost in the framework of M-W model. Korean housing market is experiencing drastic demographic changes including slowing population growth, increasing portion of aged households, reducing household size and a rapid growth in the number of one-man household. Using the modified model, we estimate long-term housing demand in Korean housing market. |