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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

Very Long-Run Discount Rates

Giglio, Stefano - 2014

We provide direct estimates of how agents trade off immediate costs and uncertain future benefits that occur in the very long run, 100 or more years away. We exploit a unique feature of housing markets in the U.K. and Singapore, where residential property ownership takes the form of either...

Persistent link: https://www.econbiz.de/10013053841

Long-Term Unemployment and the Great Recession : The Role of Composition, Duration Dependence, and Non-Participation

Kroft, Kory - 2014

We explore the extent to which composition, duration dependence, and labor force non-participation can account for the … model that allows for duration dependence in the exit rate from unemployment and for transitions between employment (E … observed outward shift in the Beveridge curve between 2008 and 2013. Both negative duration dependence in the job-finding rate …

Persistent link: https://www.econbiz.de/10013051310

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

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

We estimate a structural model of household liquidity management in the presence of long-term mortgages. Households face counter-cyclical idiosyncratic labor income uncertainty and borrowing constraints, which affect optimal choices of leverage, precautionary saving in liquid assets and illiquid...

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

Mortgage Design in an Equilibrium Model of the Housing Market

Guren, Adam M. - 2018

How can mortgages be redesigned to reduce housing market volatility, consumption volatility, and default? How does mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with aggregate shocks, long-term mortgages, and an...

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

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

Speculative Dynamics of Prices and Volume

DeFusco, Anthony - 2018

Using data on 50 million home sales from the recent U.S. housing cycle, we document that much of the variation in volume came from the rise and fall in short-term speculation. Cities with larger speculative booms have larger price cycles, sharper increases in unsold listings as the market turns,...

Persistent link: https://www.econbiz.de/10012933890

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