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The saving glut of the rich and the rise in household debt

Mian, Atif; Straub, Ludwig; Sufi, Amir - 2020

Rising income inequality since the 1980s in the United States has generated a substantial increase in saving by the top of the income distribution, which we call the saving glut of the rich. The saving glut of the rich has been as large as the global saving glut, and it has not been associated...

Persistent link: https://www.econbiz.de/10012197559

Monetary policy transmission to consumer financial stress and durable consumption

Georgarakos, Dimitris; Tatsiramos, Konstantinos - 2019

We examine the effects of monetary policy on household self-assessed financial stress and durable consumption using panel data from eighteen annual waves of the British Household Panel Survey. For identification, we exploit random variation in household exposure to interest rates generated by...

Persistent link: https://www.econbiz.de/10012024596

Supply restrictions, subprime lending and regional US house prices

Anundsen, André Kallåk; Heebøll, Christian - 2015

, mortgage credit constraints and a price-to-price feedback loop affects house price volatility. Considering 247 Metropolitan …

Persistent link: https://www.econbiz.de/10010488113

Housing-consumption channel of mortgage demand

Ahlfeldt, Gabriel M.; Szumilo, Nikodem; Tripathy, Jagdish - 2024

We quantify the housing-consumption channel in mortgage demand according to which households borrow more following … a structural approach to mortgage demand and supply, exploiting exogenous variation in house-price growth and a unique … dataset with matched transaction-price and mortgage information. We estimate an elasticity of mortgage borrowing to house …

Persistent link: https://www.econbiz.de/10014637339

The great mortgaging : housing finance, crises, and business cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014

17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the … course of the 20th century, driven by a sharp rise of mortgage lending to households. Household debt to asset ratios have …

Persistent link: https://www.econbiz.de/10010412763

Private debt and GDP : a short-run perspective

Cafiso, Gianluca - 2016

Mainstream economic research regards private debt as a determinant of GDP growth in the longrun. Levine (2005) surveys in details this branch of literature and explains the channels by which debt fuels growth. In this paper we switch the focus from the long to the short-run and study whether...

Persistent link: https://www.econbiz.de/10011566459

GDP growth, private debt and monetary policy

Cafiso, Gianluca - 2017

Economic research has considered Private Debt a determinant of GDP growth for years. By keeping this perspective, the objective of this work is to understand how much of the GDP response to a monetary shock is due to the variation of private debt. This is the marginal contribution of private...

Persistent link: https://www.econbiz.de/10011659392

Homeownership and entrepreneurship : the role of mortgage debt and commitment

Bracke, Philippe; Hilber, Christian; Silva, Olmo - 2014

We study the link between homeownership, mortgage debt, and entrepreneurship using a model of occupational choice and … housing tenure where homeowners commit to mortgage payments. Our model predicts that, as long as mortgage rates exceed the … rate of interest on liquid wealth: (i) mortgage debt, by amplifying risk aversion, diminishes the likelihood that …

Persistent link: https://www.econbiz.de/10010425992

Home ownership and monetary policy transmission

Koeniger, Winfried; Ramelet, Marc-Antoine - 2018

We present empirical evidence on the heterogeneity in monetary policy transmission across countries with different home ownership rates. We use household-level data together with shocks to the policy rate identified from high-frequency data. We find that housing tenure reacts more strongly to...

Persistent link: https://www.econbiz.de/10011933761

Low homeownership in Germany : a quantitative exploration

Kaas, Leo; Kocharkov, Georgi; Preugschat, Edgar; … - 2017

broad eligibility criteria, high transfer taxes when buying real estate, and no tax deductions for mortgage interest … mortgage interest tax deductions, but it would improve in the absence of social housing, in particular when coupled with …

Persistent link: https://www.econbiz.de/10011761605

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