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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

Housing Wealth Effects : The Long View

Guren, Adam M. - 2018

We provide new time-varying estimates of the housing wealth effect back to the 1980s. These estimates are based on a new identification strategy that exploits systematic differences in city-level exposure to regional house price cycles as an instrument for house prices. Our estimates of housing...

Persistent link: https://www.econbiz.de/10012916597

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

The Effects of the Saving and Banking Glut on the U.S. Economy

Justiniano, Alejandro - 2013

We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...

Persistent link: https://www.econbiz.de/10013072878

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

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

Demystifying the Chinese Housing Boom

Fang, Hanming - 2015

within the same housing developments. By using these indices and detailed information on mortgage borrowers across these … household income, except in a few first-tier cities. While bottom-income mortgage borrowers endured severe financial burdens by … mortgage loans were protected by down payments commonly in excess of 35 percent. As such, the housing market is unlikely to …

Persistent link: https://www.econbiz.de/10013023688

The Housing Boom and Bust : Model Meets Evidence

Kaplan, Greg - 2017

We build a model of the U.S. economy with multiple aggregate shocks (income, housing finance conditions, and beliefs about future housing demand) that generate fluctuations in equilibrium house prices. Through a series of counterfactual experiments, we study the housing boom and bust around the...

Persistent link: https://www.econbiz.de/10012949424

The Great Mortgaging : Housing Finance, Crises, and Business Cycles

Jordà, Òscar - 2015

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/10013032404

Global House Price Fluctuations : Synchronization and Determinants

Hirata, Hideaki - 2012

We examine the properties of house price fluctuations across eighteen advanced economies over the past forty years. We ask two specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving movements in global house prices? To...

Persistent link: https://www.econbiz.de/10013100986

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