We show that past inflation experiences strongly predict homeownership within and across countries. First, we collect novel survey data, which reveal inflation protection to be a key motivation for homeownership, especially after high inflation experiences. Second, using household data from 22 European countries, we find that higher exposure to historical inflation predicts higher homeownership rates. We estimate similar associations among immigrants to the United States who experienced different past inflation in their home countries but face the same U.S. housing market. Consistent with the experience effects model, the relationship is strongest in countries with predominantly fixed-rate mortgages.

中文翻译：

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租还是买？国家内部和国家之间的通货膨胀经历和住房拥有率

我们表明，过去的通胀经历强烈预测国家内部和国家之间的住房拥有率。首先，我们收集了新颖的调查数据，这些数据揭示了通胀保护是购房的一个关键动机，尤其是在经历了高通胀之后。其次，利用 22 个欧洲国家的家庭数据，我们发现历史通胀风险越高，住房拥有率就越高。我们估计，在本国经历过不同过去通货膨胀但面临相同美国房地产市场的美国移民之间存在类似的关联。与经验效应模型一致，这种关系在以固定利率抵押贷款为主的国家中最强。