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Chapter 12. Housing, Finance, and the Macroeconomy
Davis, Morris A.; Van Nieuwerburgh, Stijn - In: Handbook of regional and urban economics : volume 5, (pp. 753-811). 2015
In this chapter, we review and discuss the large body of research that has developed over the past 10-plus years that explores the interconnection of macroeconomics, finance, and housing. We focus on three major topics—housing and the business cycle, housing and portfolio choice, and housing...
Persistent link: https://www.econbiz.de/10014025303
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Florida (Un)Chained
Calomiris, Charles W.; Jaremski, Matthew S. - National Bureau of Economic Research - 2023
To understand a price boom, it is helpful to take account of: (1) observable indicators of changes in ex ante risk tolerance, (2) what information exists and when, and (3) the incentives lenders face. This paper takes such an approach to the Florida land boom of the mid-1920s, the U.S.' first...
Persistent link: https://www.econbiz.de/10014226111
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Housing market bubbles and business cycles in an agent-based credit economy
Erlingsson, Einar Jon; Teglio, Andrea; Cincotti, Silvano; … - 2014
This paper investigates the housing and mortgage markets by means of an agent-based macroeconomic model of a credit … households’ creditworthiness conditions required by banks in order to grant a mortgage. Results show that easier access to credit …
Persistent link: https://www.econbiz.de/10010248859
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An IV Hazard Model of Loan Default with an Application to Subprime Mortgage Cohorts
Palmer, Christopher J. - National Bureau of Economic Research - 2023
asymptotically normal. Applying my estimator to the subprime mortgage crisis, I quantify what caused the foreclosure rate to triple … standards, with a 10% decline in home prices increasing subprime mortgage default rates by 50% …
Persistent link: https://www.econbiz.de/10014447321
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Chapter 15. How Mortgage Finance Affects the Urban Landscape
Chan, Sewin; Haughwout, Andrew; Tracy, Joseph - In: Handbook of regional and urban economics : volume 5, (pp. 987-1045). 2015
This chapter considers the structure of mortgage finance in the United States and its role in shaping patterns of … on the design features of mortgage contracts that distinguish them from other loans and that have important implications … for issues presented in the rest of the chapter. We then explain how mortgage finance interacts with public policy …
Persistent link: https://www.econbiz.de/10014025300
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Why were interest-only mortgages so popular during the U.S. housing boom?
Barlevy, Gadi; Fisher, Jonas D. M. - In: Review of economic dynamics 41 (2021), pp. 205-224
Persistent link: https://www.econbiz.de/10012872947
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Housing bubble, affordability and credit risk to banks : a Malaysian perspective
Alex Kae Lun Lee; Sinnakkannu, Jothee; Ramasamy, Sockalingam - In: Journal of the Asia Pacific economy 26 (2021) 4, pp. 619-652
Persistent link: https://www.econbiz.de/10012653560
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The drivers of Norway's house prices
Sila, Urban - 2020
In this paper, we explore the drivers of house prices in Norway, using a cross-country panel framework. Empirical results confirm that house prices are determined by numerous demand and supply factors, including income, demographics, macroeconomic conditions, stock of housing and institutional...
Persistent link: https://www.econbiz.de/10012203289
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Housing, financial and capital taxation policies to ensure robust growth in Sweden
McGowan, Muge Adalet - 2013
Extensive structural reforms since the early 1990s have strengthened the resilience of the Swedish economy to shocks. However, more needs to be done to better manage near-term risks and ensure that growth remains sustainable in the longer run. Reforming the housing market would reduce the risks...
Persistent link: https://www.econbiz.de/10009711216
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The future of housing : policy scenarios
Cournède, Boris; Ziemann, Volker; De Pace, Frederica - 2020
difference. Removing mortgage interest relief eases price pressures and can contribute to more affordable housing. Likewise …
Persistent link: https://www.econbiz.de/10012304426