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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

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

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

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

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

Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies

Kuttner, Kenneth N. - 2013

Using data from 57 countries spanning more than three decades, this paper investigates the effectiveness of nine non-interest rate policy tools, including macroprudential measures, in stabilizing house prices and housing credit. In conventional panel regressions, housing credit growth is...

Persistent link: https://www.econbiz.de/10013071797

Estimating Loan-to-Value and Foreclosure Behavior

Korteweg, Arthur - 2012

finance (e.g., pricing mortgage-backed securities) …

Persistent link: https://www.econbiz.de/10013109866

Credit Supply and House Prices : Evidence from Mortgage Market Segmentation

Adelino, Manuel - 2012

We show that easier access to credit significantly increases house prices by using exogenous changes in the conforming loan limit as an instrument for lower cost of financing. Houses that become eligible for financing with a conforming loan show an increase in house value of 1.16 dollars per...

Persistent link: https://www.econbiz.de/10013110930

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

Continuous Workout Mortgages

Shiller, Robert J. - 2011

Continuous Workout Mortgage (CWM) balance and payments are indexed using market-observable house price index in an …) closed form formulas for mortgage payment and mortgage balance of a repayment CWM; (c) a closed form formula for the … actuarially fair mortgage rate of an interest-only CWM. For repayment CWMs we extend our analysis to include two negotiable …

Persistent link: https://www.econbiz.de/10013125584