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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
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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
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The Effect of Housing Wealth on College Choice : Evidence from the Housing Boom
Lovenheim, Michael - 2015
The higher education system in the United States is characterized by a large degree of quality heterogeneity, and there is a growing literature suggesting students attending higher quality universities have better educational and labor market outcomes. In this paper, we use NLSY97 data combined...
Persistent link: https://www.econbiz.de/10013036912
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House Price Beliefs and Mortgage Leverage Choice
Bailey, Michael - 2017
We study the relationship between homebuyers' beliefs about future house price changes and their mortgage leverage … choices in the U.S. housing market. Our data combine mortgage financing information and a housing market expectations survey …
Persistent link: https://www.econbiz.de/10012941960
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Credit Supply and Housing Speculation
Mian, Atif - 2018
label mortgage securitization in 2003 fueled a large expansion in mortgage credit supply by lenders financed with non …
Persistent link: https://www.econbiz.de/10012914707
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Home Equity Insurance
Shiller, Robert J. - 2010
Home equity insurance policies, policies insuring homeowners against declines in the price of their homes, would bear some resemblance both to ordinary insurance and to financial hedging vehicles. A menu of choices for the design of such policies is presented here, and conceptual issues are...
Persistent link: https://www.econbiz.de/10012763566
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Can Cheap Credit Explain the Housing Boom?
Glaeser, Edward L. - 2015
-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the …
Persistent link: https://www.econbiz.de/10013038665
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The Effect of Housing on Portfolio Choice
Chetty, Raj - 2015
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 …
Persistent link: https://www.econbiz.de/10013038822
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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
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Estimating Loan-to-Value and Foreclosure Behavior
Korteweg, Arthur - 2012
finance (e.g., pricing mortgage-backed securities) …
Persistent link: https://www.econbiz.de/10013109866