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How Monetary Policy Shaped the Housing Boom
Drechsler, Itamar - 2019
housing boom accelerated, fueled by rapid growth in mortgage lending. There is deep disagreement about how, or even if …-prone, which made the mortgage market fragile. Consistent with our theory, the re-emergence of privately-securitized mortgages has …
Persistent link: https://www.econbiz.de/10012479600
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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/10012480160
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Housing, Credit Markets and the Business Cycle
Feldstein, Martin S. - 2007
house prices and the related fall in home building; (2) a subprime mortgage problem that has triggered a substantial … mortgage refinancing that could cause greater declines in consumer spending. Each of these could by itself be powerful enough …
Persistent link: https://www.econbiz.de/10012465177
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Housing Wealth Effects : The Long View
Guren, Adam M. - 2018
We provide new, time-varying estimates of the housing wealth effect back to the 1980s. We exploit systematic differences in city-level exposure to regional house price cycles to instrument for house prices. Our main findings are that: 1) Large housing wealth effects are not new: we estimate...
Persistent link: https://www.econbiz.de/10012452991
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Cross-Sectional Patterns of Mortgage Debt during the Housing Boom : Evidence and Implications
Foote, Christopher L. - 2016
The reallocation of mortgage debt to low-income or marginally qualified borrowers plays a central role in many … explanations of the early 2000s housing boom. We show that such a reallocation never occurred, as the distribution of mortgage debt … with respect to income changed little even as the aggregate stock of debt grew rapidly. Moreover, because mortgage debt …
Persistent link: https://www.econbiz.de/10012455695
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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
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Credit Supply and the Housing Boom
Justiniano, Alejandro - 2015
constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical … fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing boom to …
Persistent link: https://www.econbiz.de/10012457792
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Betting the House
Jordà, Òscar - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10012457895
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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif R. - 2009
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...
Persistent link: https://www.econbiz.de/10012463368
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The Political Economy of the U.S. Mortgage Default Crisis
Mian, Atif - 2008
during the crisis. Representatives from districts experiencing an increase in mortgage default rates are significantly more … likely to vote in favor of the AHRFPA. They are precise in responding only to mortgage related constituent defaults, and are …
Persistent link: https://www.econbiz.de/10012464179