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Zhao, Bo - National Bureau of Economic Research (NBER) - 2013

This paper studies an economy inhabited by overlapping generations of homeowners and investors, with the only difference between the two being that homeowners derive utility from housing services whereas investors do not. Tight collateral constraint limits the borrowing capacity of homeowners...

Persistent link: https://www.econbiz.de/10010692225

The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium

Ludvigson, Sydney C.; Van Nieuwerburgh, Stijn; … - National Bureau of Economic Research (NBER) - 2010

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/10008634639

Net Worth and Housing Equity in Retirement

Sinai, Todd; Souleles, Nicholas S - National Bureau of Economic Research (NBER) - 2007

This paper documents the trends in the life-cycle profiles of net worth and housing equity between 1983 and 2004. The net worth of older households significantly increased during the housing boom of recent years. However, net worth grew by more than housing equity, in part because other assets...

Persistent link: https://www.econbiz.de/10005580766

The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis

Mian, Atif; Sufi, Amir - National Bureau of Economic Research (NBER) - 2008

of recent U.S. house price appreciation and subsequent mortgage defaults. We identify the effect of shifts in the supply … of mortgage credit by exploiting within-county variation across zip codes that differed in latent demand for mortgages in … which we refer to as "disintermediation." The increase in disintermediation-driven mortgage supply to high latent demand zip …

Persistent link: https://www.econbiz.de/10005714377

Central Banks and the Financial System

Giavazzi, Francesco; Giovannini, Alberto - National Bureau of Economic Research (NBER) - 2010

Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Regulatory reforms can strengthen the financial system and decrease the risk of liquidity crises, but they cannot eliminate it completely. This leaves monetary policy with a...

Persistent link: https://www.econbiz.de/10008548814

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

Primiceri, Giorgio; Tambalotti, Andrea; Justiniano, … - National Bureau of Economic Research (NBER) - 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/10010969208

House Price Gains and U.S. Household Spending from 2002 to 2006

Mian, Atif; Sufi, Amir - National Bureau of Economic Research (NBER) - 2014

We examine the effect of rising U.S. house prices on borrowing and spending from 2002 to 2006. There is strong heterogeneity in the marginal propensity to borrow and spend. Households in low income zip codes aggressively liquefy home equity when house prices rise, and they increase spending...

Persistent link: https://www.econbiz.de/10010796682

Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty

Chen, Hui; Michaux, Michael; Roussanov, Nikolai - National Bureau of Economic Research (NBER) - 2013

leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default …

Persistent link: https://www.econbiz.de/10010821795

Macroeconomics With Heterogeneity: A Practical Guide

Guvenen, Fatih - National Bureau of Economic Research (NBER) - 2011

This article reviews macroeconomic models with heterogeneous households. A key question for the relevance of these models concerns the degree to which markets are complete. This is because the existence of complete markets imposes restrictions on (i) how much heterogeneity matters for aggregate...

Persistent link: https://www.econbiz.de/10009372433

How to Advance Theory with Structural VARs: Use the Sims-Cogley-Nason Approach

Kehoe, Patrick J. - National Bureau of Economic Research (NBER) - 2006

The common approach to evaluating a model in the structural VAR literature is to compare the impulse responses from structural VARs run on the data to the theoretical impulse responses from the model. The Sims-Cogley-Nason approach instead compares the structural VARs run on the data to...

Persistent link: https://www.econbiz.de/10005774407

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