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Mortgage debt, consumption, and llliquid housing markets in the Great Recession

Garriga, Carlos; Hedlund, Aaron - 2017

housing crash from 2006 to 2011 and its implications for aggregate and cross-sectional consumption during the Great Recession …. Left tail shocks to labor market uncertainty and tighter down payment requirements emerge as the key drivers. An endogenous … consumption. Balance sheets act as a transmission mechanism from housing to consumption that depends on gross portfolio positions …

Persistent link: https://www.econbiz.de/10011782612

Mortgage debt, consumption, and illiquid housing markets in the Great Recession

Garriga, Carlos; Hedlund, Aaron - In: The American economic review 110 (2020) 6, pp. 1603-1634

Persistent link: https://www.econbiz.de/10012256308

Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession

Garriga, Carlos - 2017

Persistent link: https://www.econbiz.de/10013210488

Accounting for changes in the homeownership rate

Chambers, Matthew; Garriga, Carlos; Schlagenhauf, Don E. - 2007

After three decades of being relatively constant, the homeownership rate increased over the 1994-2005 period to attain record highs. The objective of this paper is to account for the observed boom in ownership by examining the role played by changes in demographic factors and innovations in the...

Persistent link: https://www.econbiz.de/10010292289

Equilibrium mortgage choice and housing tenure decisions with refinancing

Chambers, Matthew S.; Garriga, Carlos; Schlagenhauf, Don - 2007

The last decade has brought about substantial mortgage innovation and increased refinancing. The objective of this paper is to understand the determinants and implications of mortgage choice in the context of a general equilibrium model with incomplete markets. The equilibrium characterization...

Persistent link: https://www.econbiz.de/10010292368

Mortgages and monetary policy

Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - 2013

Persistent link: https://www.econbiz.de/10012168124

Nominal rigidities in debt and product markets

Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - 2016

Persistent link: https://www.econbiz.de/10012171871

Intertemporal discounting and policy selection

Conesa, Juan Carlos; Garriga, Carlos - In: Review (2013) Mar, pp. 165-180

The choice of the intertemporal discount rate affects the measurement of the tax burden of different age cohorts. Small changes in the discount rate affect not only the magnitude of the measured changes, but also the ranking of policies using that metric. The authors illustrate this problem in...

Persistent link: https://www.econbiz.de/10010733925

Intergenerational policy and the measurement of tax incidence

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2013

Policymakers often use measures of tax incidence (generational accounts) as criteria for policy selection. We use a quantitative model of optimal intergenerational policy to evaluate the ability of the tax incidence metric to capture the identity of recipients and contributors and the magnitudes...

Persistent link: https://www.econbiz.de/10010640522

Generational policy and the macroeconomic measurement of tax incidence

Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2009

In this paper we show that the generational accounting framework used in macroeconomics to measure tax incidence can, in some cases, yield inaccurate measurements of the tax burden across age cohorts. This result is very important for policy evaluation, because it shows that the selection of tax...

Persistent link: https://www.econbiz.de/10004973893