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Negative equity and housing investment
Haughwout, Andrew; Sutherland, Sarah; Tracy, Joseph - Federal Reserve Bank of New York - 2013
investments. Housing investment expenditures economy-wide are sizable, averaging 45 percent of the value of new home construction … investments by roughly 75 percent. The large increase in negative equity due to declining housing prices during the housing bust …
Persistent link: https://www.econbiz.de/10010699376
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Heterogeneity and stability: bolster the strong, not the weak
Choi, Dong Beom - Federal Reserve Bank of New York - 2013
This paper provides a model of systemic panic among financial institutions with heterogeneous fragilities. Concerns about potential spillovers from each other generate strategic interaction among institutions, triggering a preemption game in which one tries to exit the market before the others...
Persistent link: https://www.econbiz.de/10010699383