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 …

expansion of U.S. homeownership using an equilibrium model of tenure choice. In the model, home buyers have access to a menu of … mortgage choices to finance the acquisition of a house. The government also provides special programs through provisions of the ….S. economy and is capable of accounting for the boom in homeownership in 1960. The decomposition suggests that government …

divergence between the theory and data. First, it is critical to distinguish between home equity wealth and mortgage debt, as … mortgage debt that is orthogonal to unobserved determinants of portfolios. We estimate a model that permits home equity and … mortgage debt to have different effects on portfolio shares. We isolate plausibly exogenous variation in home equity and …

increased 1940 median home values and homeownership rates, but not new home building …

This paper documents a number of key facts about the evolution of mortgage debt, homeownership, debt burden and … subsequent delinquency during the recent housing boom and Great Recession. We show that the mortgage expansion was shared across … mortgage expansion was especially pronounced in areas with increased house prices, and the speed at which houses turned over …

unemployment and that rising homeownership in OECD countries since the 1960s provides a key explanation for the rise in the natural … have significantly slower exits from unemployment. Overall, homeownership does not increase unemployment. Finally, in line …Oswald hypothesizes that regions and countries with high homeownership rates will experience higher natural rates of …