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Shifting Credit Standards and the Boom and Bust in US House Prices
Duca, John V; Muellbauer, John; Murphy, Anthony - C.E.P.R. Discussion Papers - 2011
credit constraints for first time buyers into a model of US house prices based on the (inverted) demand for housing services …
Persistent link: https://www.econbiz.de/10009001066
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House Prices and Credit Constraints: Making Sense of the US Experience
Duca, John V; Muellbauer, John; Murphy, Anthony - C.E.P.R. Discussion Papers - 2011
supply (associated with the sub-prime mortgage boom) from house price-to-rent ratio and inverted housing demand models …
Persistent link: https://www.econbiz.de/10009003148
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Forced Asset Sales and the Concentration of Outstanding Debt: Evidence from the Mortgage Market
Favara, Giovanni; Giannetti, Mariassunta - C.E.P.R. Discussion Papers - 2015
We provide evidence that lenders differ in their ex post incentives to internalize price-default externalities associated with the liquidation of collateralized debt. Using the mortgage market as a laboratory, we conjecture that lenders with a large share of outstanding mortgages on their...
Persistent link: https://www.econbiz.de/10011196026
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Credit Conditions and the Real Economy: The Elephant in the Room
Muellbauer, John; Williams, David M - C.E.P.R. Discussion Papers - 2011
, mortgage credit and housing equity withdrawal. Our "latent interactive variable equation system" (LIVES) employs a single … mortgage downpayment constraint facing young households; (ii) introducing a housing collateral channel from house prices to …
Persistent link: https://www.econbiz.de/10009371480
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Labour Force Growth, Trade, and Employment
Francois, Joseph - C.E.P.R. Discussion Papers - 1994
This paper examines the implications of labour force growth in one region for wages, employment, and production patterns in other regions. These issues are first explored in a stylized dual model incorporating features of both standard factor-based trade models and models of two-way trade and...
Persistent link: https://www.econbiz.de/10005666533
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Modelling the Impact of Demographic Change Upon the Economy
Miles, David K - C.E.P.R. Discussion Papers - 1997
It is well known that over the next few decades there will be significant changes in the demographic structures of nearly all developed countries; in the absence of massive immigration, or of catastrophic new fatal illnesses, by the middle of the next century the ratio of people of working age...
Persistent link: https://www.econbiz.de/10005656147
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The Reform of Pension Systems: Winners and Losers Across Generations
Iben, Andreas; Miles, David K - C.E.P.R. Discussion Papers - 1998
In this paper we perform simulations with a stylized model of Germany and the United Kingdom to show which generations might be direct gainers, and which losers, from a transition to funded state pensions. We estimate what the structure of inter-generational bequests would need to be in a...
Persistent link: https://www.econbiz.de/10005656405
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Directed Search in the Housing Market
Albrecht, James; Gautier, Pieter A; Vroman, Susan - C.E.P.R. Discussion Papers - 2010
In this paper, we present a directed search model of the housing market. The pricing mechanism we analyze reflects the …. Our model offers a new way to look at the housing market from a search-theoretic perspective. In addition, we contribute …
Persistent link: https://www.econbiz.de/10008468683
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The Price and Quantity of Residential Land in the United States
Davis, Morris; Heathcote, Jonathan - C.E.P.R. Discussion Papers - 2005
A house is a bundle comprising a physical structure and the plot of land upon which the house is built. Thus changes in house prices reflect changes in the cost of structures and value of land. In this paper we apply this insight to construct the first constant-quality price and quantity indexes...
Persistent link: https://www.econbiz.de/10005123787
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On the Political Economy of Urban Growth: Homeownership versus Affordability
Ortalo-Magné, François; Prat, Andrea - C.E.P.R. Discussion Papers - 2011
much housing to own, and city residents vote on the number of new building permits every period. Under-supply of housing … persists in equilibrium under conditions we characterize. City residents invest in housing because they expect their investment … local housing. This vicious cycle between ownership and urban growth generates a tension between the common housing policy …
Persistent link: https://www.econbiz.de/10008854490