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Who Bears the Cost of Recessions? The Role of House Prices and Household Debt

Mian, Atif - 2016

This chapter reviews empirical estimates of differential income and consumption growth across individuals during recessions. Most existing studies examine the variation in income and consumption growth across individuals by sorting on ex ante or contemporaneous income or consumption levels. We...

Persistent link: https://www.econbiz.de/10012456419

Testing for Information Asymmetries in Real Estate Markets

Kurlat, Pablo - 2014

We study equilibrium outcomes in markets with asymmetric information about asset values among both buyers and sellers. In residential real estate markets hard-to-observe neighborhood characteristics are a key source of information heterogeneity: sellers are usually better informed about...

Persistent link: https://www.econbiz.de/10012458789

Comparing Wealth Effects : The Stock Market Versus the Housing Market

Case, Karl E. - 2001

We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate...

Persistent link: https://www.econbiz.de/10012470110

Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision

LaFayette, William C. - 1995

Earlier research has shown that lender income and wealth constraint ratios discourage homeownership. This empirical …, the measured impact on the homeownership rate of the constraints falls to only 4 percentage points. Further, FHA loans are … estimated to increase homeownership by only 0.1 to 0.2 percentage points …

Persistent link: https://www.econbiz.de/10012473815

Home Equity Insurance

Shiller, Robert J. - 1994

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/10012474085

Homeownership Rates of Married Couples : An Econometric Investigation

Haurin, Donald R. - 1987

Ownership patterns for young (under 45) married couples are striking in two respects. First, ownership rates rise dramatically with age: couples 35- 44 consistently have ownership rates nearly 50 percentage points higher than couples under 25. Second, half of the sharp ownership gains of young...

Persistent link: https://www.econbiz.de/10012476763

Measuring The Natural Rate Using Natural Experiments

Bäcker-Peral, Verónica; Hazell, Jonathon; Mian, Atif - National Bureau of Economic Research - 2023

Every month, a fraction of UK property leases are extended for another 90 years or more. We use new data on thousands of these natural experiments from 2003 onwards to estimate the "natural rate of return on capital", \(r_K^\text{*}\), which also represents the long-run dividend-price ratio....

Persistent link: https://www.econbiz.de/10014421185

Are Migrants More Skilled than Non-Migrants? Repeat, Return and Same-Employer Migrants

Hunt, Jennifer - 2004

I examine the determinants of inter-state migration of adults within western Germany, using the German Socio-Economic Panel from 1984-2000. I highlight the prevalence and distinctive characteristics of migrants who do not change employers. Same-employer migrants represent one fifth of all...

Persistent link: https://www.econbiz.de/10012468060

The Effect of Expected Income on Individual Migration Decisions

Kennan, John - 2003

The paper develops a tractable econometric model of optimal migration, focusing on expected income as the main economic influence on migration. The model improves on previous work in two respects: it covers optimal sequences of location decisions (rather than a single once-for-all choice), and...

Persistent link: https://www.econbiz.de/10012469115

Sources of Geographic Variation in Health Care : Evidence from Patient Migration

Finkelstein, Amy - 2014

We study the drivers of geographic variation in US health care utilization, using an empirical strategy that exploits migration of Medicare patients to separate the role of demand and supply factors. Our approach allows us to account for demand differences driven by both observable and...

Persistent link: https://www.econbiz.de/10012457877