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Reverse mortgage loans: a quantitative analysis

Nakajima, Makoto; Telyukova, Irina A. - Federal Reserve Bank of Philadelphia - 2014

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

Persistent link: https://www.econbiz.de/10010930296

Credit, bankruptcy, and aggregate fluctuations

Nakajima, Makoto; Rios-Rull, Jose-Victor - Federal Reserve Bank of Philadelphia - 2014

We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and countercyclicality of bankruptcy filings found in U.S. data?...

Persistent link: https://www.econbiz.de/10010941009

A tale of two commitments: equilibrium default and temptation

Nakajima, Makoto - Federal Reserve Bank of Philadelphia - 2013

I construct the life-cycle model with equilibrium default and preferences featuring temptation and self-control. The model provides quantitatively similar answers to positive questions such as the causes of the observed rise in debt and bankruptcies and macroeconomic implications of the 2005...

Persistent link: https://www.econbiz.de/10010732485

Assessing bankruptcy reform in a model with temptation and equilibrium default

Nakajima, Makoto - Federal Reserve Bank of Philadelphia - 2015

A life-cycle model with equilibrium default in which consumers with and without temptation coexist is constructed to evaluate the 2005 bankruptcy law reform and other counterfactual reforms. The calibrated model indicates that the 2005 bankruptcy reform achieves its goal of reducing the number...

Persistent link: https://www.econbiz.de/10011196367

Continuous Markov equilibria with quasi-geometric discounting

Chatterjee, Satyajit; Eyigungor, Burcu - Federal Reserve Bank of Philadelphia - 2014

We prove that the standard quasi-geometric discounting model used in dynamic consumer theory and political economics does not possess continuous Markov perfect equilibria (MPE) if there is a strictly positive lower bound on wealth. We also show that, at points of discontinuity, the decision...

Persistent link: https://www.econbiz.de/10010747541

Housing over time and over the life cycle: a structural estimation

Li, Wenli; Liu, Haiyong; Yang, Fang; Yao, Rui - Federal Reserve Bank of Philadelphia - 2015

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 …

Persistent link: https://www.econbiz.de/10011127926

A quantitative analysis of the u.s. housing and mortgage markets and the foreclosure crisis

Chatterjee, Satyajit; Eyigungor, Burcu - Federal Reserve Bank of Philadelphia - 2015

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 …

Persistent link: https://www.econbiz.de/10011206262

Home production and Social Security reform

Dotsey, Michael; Li, Wenli; Yang, Fang - Federal Reserve Bank of Philadelphia - 2012

This paper incorporates home production into a dynamic general equilibrium model of overlapping generations with endogenous retirement to study Social Security reforms. As such, the model differentiates both consumption goods and labor effort according to their respective roles in home...

Persistent link: https://www.econbiz.de/10010551329

Economic outlook and central bank policy: a speech at the University of Rochester, William E. Simon Graduate School of Business Administration Economic Outlook Seminar, November 27...

Plosser, Charles I. - Federal Reserve Bank of Philadelphia - 2007

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, presented at the University of Rochester, William E. Simon Graduate School of Business Administration , Economic Outlook Seminar, Hyatt Regency Rochester, November 27, 2007

Persistent link: https://www.econbiz.de/10010727128

House prices and monetary policy: a speech for the European Economics and Financial Centre Distinguished Speakers Series, July 11, 2007

Plosser, Charles I. - Federal Reserve Bank of Philadelphia - 2007

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, European Economics and Financial Centre, Distinguished Speakers Series, July 11, 2007.

Persistent link: https://www.econbiz.de/10010727137