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Mortgage Design in an Equilibrium Model of the Housing Market

Guren, Adam M. - 2018

mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with … policy. Designs that raise mortgage payments in booms and lower them in recessions do better than designs with fixed mortgage … reductions over the life of the mortgage. Front-loading alleviates household liquidity constraints in states where they are most …

Persistent link: https://www.econbiz.de/10012923712

How Do Foreclosures Exacerbate Housing Downturns?

Guren, Adam M. - 2019

This paper uses a structural model to show that foreclosures played a crucial role in exacerbating the recent housing bust and to analyze foreclosure mitigation policy. We consider a dynamic search model in which foreclosures freeze the market for non-foreclosures and reduce price and sales...

Persistent link: https://www.econbiz.de/10012863685

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

Mian, Atif R. - 2010

Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...

Persistent link: https://www.econbiz.de/10013151131

The Housing Market(S) of San Diego

Landvoigt, Tim - 2012

This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a lifecycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by...

Persistent link: https://www.econbiz.de/10013112837

The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium

Favilukis, Jack Y - 2015

This paper studies a quantitative general equilibriummodel of the housing market where a large number of overlapping generations of homeowners face both idiosyncratic and aggregate risks but have limited opportunities to insure against these risks due to incomplete financial markets and...

Persistent link: https://www.econbiz.de/10013038824

Why is Intermediating Houses so Difficult? Evidence from Ibuyers

Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - 2022

We study the frictions in dealer-intermediation in residential real estate through the lens of “iBuyers,” technology entrants, who purchase and sell residential real estate through online platforms. iBuyers supply liquidity to households by allowing them to avoid a lengthy sale process. They...

Persistent link: https://www.econbiz.de/10013403778

Houses as Atms? Mortgage Refinancing and Macroeconomic Uncertainty

Chen, Hui - 2016

leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default …

Persistent link: https://www.econbiz.de/10013007166

Betting the House

Jordà, Òscar - 2014

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...

Persistent link: https://www.econbiz.de/10013039761

Special issue: macroeconomics and housing

Leung, Charles Ka Yui (contributor); … - 2007

Persistent link: https://www.econbiz.de/10003609284

Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market

Deng, Yongheng - 2011

In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...

Persistent link: https://www.econbiz.de/10013128599

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