, housing, credit frictions and a Taylor rule. Highly leveraged borrowing through nominal debt backed by real estate collateral …

by owner-occupied housing whereas unsecured debt can be discharged according to bankruptcy regulations. We show that the …

heterogeneous, infinitely lived households and competitive housing and mortgage markets. Households have the option to default on … equilibrium mortgage origination and increases aggregate welfare, but has little effect on foreclosure rates and housing …

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 …

Chetty and Szeidl (2012) propose to estimate the effect of housing on portfolio choice by distinguishing between the …

Housing markets clear, in part, through the time that buyers and sellers spend on the market. We show that demand …

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 …