Supersedes Working Paper 13-27. Reverse mortgage loans (RMLs) allow older homeowners to borrow against housing wealth …

Supersedes Working Paper 09-7. We estimate a structural model of optimal life-cycle housing and nonhousing consumption … between housing service and nonhousing consumption and explicitly incorporates a housing adjustment cost. Our estimation fits … the cross-sectional and time-series household wealth and housing profies from the Panel Study of Income Dynamics (1984 to …

We present a model of long-duration collateralized debt with risk of default. Applied to the housing market, it can … across homeowners prior to the recent crisis. We stress the role of favorable tax treatment of housing in matching these …

This paper examines the role of U.S. housing-related tax expenditures in creating incentives for decentralization and … interest and property taxes make housing less expensive relative to other goods and, hence, increase the quantity of housing … the consumption of housing services, they lower the cost of geographic sorting by income typically associated with …

This paper examines the potential impact of the federal tax treatment of housing, which provides tax advantages that … treatment of housing is likely to have impacts on older, developed communities with fixed boundaries, such as central cities … authors show that the tax treatment of housing not only increases the incentives for lower density development, but it also …