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Moral and Social Constraints to Strategic Default on Mortgages

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

We use survey data to study American households’ propensity to default when the value of their mortgage exceeds the … value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing … the house. Yet, 17% of households would default, even if they can afford to pay their mortgage, when the equity shortfall …

Persistent link: https://www.econbiz.de/10005039578

Credit Standards and Segregation

Ouazad, Amine; Rancière, Romain - C.E.P.R. Discussion Papers - 2011

How do credit standards on the mortgage market affect neighbourhood choice and the resulting level of urban segregation …-2006 mortgage credit boom on the level of school segregation. Census tract racial composition is strongly correlated with the racial … composition of the 10 closest schools in the cross section. Matching a national data set of mortgage originations with annual …

Persistent link: https://www.econbiz.de/10008873328

A Gains from Trade Perspective on Macroeconomic Fluctuations

Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011

Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...

Persistent link: https://www.econbiz.de/10009221567

Fiscal Multipliers Over the Business Cycle

Michaillat, Pascal - C.E.P.R. Discussion Papers - 2011

This paper develops a theory characterizing the effects of fiscal policy on unemployment over the business cycle. The theory is based on a model of equilibrium unemployment in which jobs are rationed in recessions. Fiscal policy in the form of government spending on public-sector jobs reduces...

Persistent link: https://www.econbiz.de/10009324257

Skill-Biased Technological Change and the Business Cycle

Balleer, Almut; van Rens, Thijs - C.E.P.R. Discussion Papers - 2011

Over the past two decades, technological progress in the United States has been biased towards skilled labor. What does this imply for business cycles? We construct a quarterly skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long-run restrictions....

Persistent link: https://www.econbiz.de/10009643505

The 'News' View of Economic Fluctuations: Evidence from Aggregate Japanese Data and Sectoral US Data

Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2005

This paper uses aggregate Japanese data and sectoral US data to explore the properties of the joint behaviour of stock prices and total factor productivity (TFP) with the aim of highlighting data patterns that are useful for evaluating business cycle theories. The approach used follows that...

Persistent link: https://www.econbiz.de/10005662152

Productivity Growth, Consumer Confidence and the Business Cycle

Danthine, Jean-Pierre; Donaldson, John B; Johnsen, Thore - C.E.P.R. Discussion Papers - 1998

The objective of this paper is to provide, in the context of a dynamic general equilibrium model, an answer to the following five questions: 1) To what extent does an economy subject to regular variations in labour productivity growth differ from one where labour productivity is constant? 2)...

Persistent link: https://www.econbiz.de/10005662360

Sticky Prices and Volatile Output: Or When is a Phillips Curve not a Phillips Curve

Ellison, Martin; Scott, Andrew - C.E.P.R. Discussion Papers - 1998

We examine the effect of introducing price stickiness into a stochastic growth model subject to a cash in advance constraint. As has been previously documented, the introduction of price rigidities provides a substantial source of monetary non-neutrality; leads to a strong positive correlation...

Persistent link: https://www.econbiz.de/10005662388

Currency Unions and International Integration

Engel, Charles M; Rose, Andrew K - C.E.P.R. Discussion Papers - 2001

This Paper characterizes the integration patterns of international currency unions (such as the CFA Franc zone and the East Caribbean Currency Area). We empirically explore different features of currency unions, and compare them both to countries with sovereign monies, and to regions within...

Persistent link: https://www.econbiz.de/10005666442

Adverse Selection of Investment Projects and the Business Cycle

Reichlin, Pietro; Siconolfi, Paolo - C.E.P.R. Discussion Papers - 1997

In an economy where entrepreneurs with unequal ‘abilities’ face alternative investment projects, which differ in their degree of risk and productivity, we analyse the Nash equilibrium contracts arising from a banks-borrowers game in the context of asymmetric information. We show that, for a...

Persistent link: https://www.econbiz.de/10005666565

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