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The effects of a declining housing market on the US economy
Papadimitriou, Dimitri B.; Hannsgen, Greg; Zezza, Gennaro - 2007
Longstanding speculation about the likelihood of a housing market collapse has given way in the past few months to consideration of just how far the housing market will fall, and how much damage the debacle will inflict on the economy. This paper assesses the magnitude of the impact of housing...
Persistent link: https://www.econbiz.de/10010266555
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Housing Wealth and Aggregate Consumption in Sweden
Chen, Jie - 2006
statistical evidences that the movements of aggregate consumption, disposable income, housing wealth and financial wealth are tied … consumer spending. Meanwhile, it is shown that the strength of the linkage between consumption and housing wealth is not …
Persistent link: https://www.econbiz.de/10010321586
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Subprime mortgages, foreclosures, and urban neighborhoods
Gerardi, Kristopher S.; Willen, Paul S. - 2009
commonly believed, lead to a substantial increase in homeownership by minorities but instead generated turnover in properties …
Persistent link: https://www.econbiz.de/10010292355
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Household Consumption Through Recent Recessions
Crossley, Thomas F.; Low, Hamish; O'Dea, Cormac - 2011
This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK …
Persistent link: https://www.econbiz.de/10010500198
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Foreclosure externalities: Some new evidence
Gerardi, Kristopher; Rosenblatt, Eric; Willen, Paul S.; … - 2012
In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties...
Persistent link: https://www.econbiz.de/10010292258
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Making sense of the subprime crisis
Gerardi, Kristopher S.; Lehnert, Andreas; Sherland, Shane M. - 2009
This paper explores the question of whether market participants could have or should have anticipated the large increase in foreclosures that occurred in 2007 and 2008. Most of these foreclosures stemmed from loans originated in 2005 and 2006, leading many to suspect that lenders originated a...
Persistent link: https://www.econbiz.de/10010292214
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Decomposing the foreclosure crisis: House price depreciation versus vad underwriting
Gerardi, Kristopher; Shapiro, Adam Hale; Willen, Paul S. - 2009
We estimate a model of foreclosure using a data set that includes every residential mortgage, purchase-and-sale, and foreclosure transaction in Massachusetts from 1989 to 2008. We address the identification issues related to the estimation of the effects of house prices on residential...
Persistent link: https://www.econbiz.de/10010292310
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Asset prices and macroeconomic outcomes: A survey
Claessens, Stijn; Kose, M. Ayhan - 2017
This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...
Persistent link: https://www.econbiz.de/10012060200
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Dissecting saving dynamics: Measuring wealth, precautionary, and credit effects
Carroll, Christopher; Slacalek, Jiri; Sommer, Martin - 2012
recent substantial rise (2008-2011) can be interpreted using a parsimonious 'buffer stock' model of consumption in the … actual wealth, with the target determined by credit conditions and uncertainty. An estimated structural version of the model … suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and …
Persistent link: https://www.econbiz.de/10010397785
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Nonlinear household earnings dynamics, self-insurance, and welfare
De Nardi, Mariacristina; Fella, Giulio; Paz Pardo, Gonzalo - 2018
individual-pre-tax and household-post-tax earnings and across administrative (Social Security Administration) and survey (Panel … Study of Income Dynamics) data. We study the implications of two processes for household, post-tax earnings in a standard …). Allowing for richer earnings dynamics implies a substantially better profit of the evolution of cross-sectional consumption …
Persistent link: https://www.econbiz.de/10012144204