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Housing and debt over the life cycle and over the business cycle
Iacoviello, Matteo; Pavan, Marina - Federal Reserve Bank of Boston - 2009
This paper describes an equilibrium life-cycle model of housing where nonconvex adjustment costs lead households to … adjust their housing choice infrequently and by large amounts when they do so. In the cross-sectional dimension, the model … of housing adjustment. In the time-series dimension, the model accounts for the procyclicality and volatility of housing …
Persistent link: https://www.econbiz.de/10008623378
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Housing and Debt over the Life Cycle and over the Business Cycle
Iacoviello, Matteo; Pavan, Marina - Departament d'Economia, Universitat Jaume I - 2011
We study housing and debt in a quantitative general equilibrium model. In the cross-section, the model matches the … wealth distribution, the age pro?les of homeownership and mortgage debt, and the frequency of housing adjustment. In the time …-series, the model matches the procyclicality and volatility of housing investment, and the procyclicality of mortgage debt. We use …
Persistent link: https://www.econbiz.de/10009371417
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Housing and Debt over the Life Cycle and over the Business Cycle
Iacoviello, Matteo; Pavan, Marina - Departament d'Economia, Universitat Jaume I - 2011
We study housing and debt in a quantitative general equilibrium model. In the cross-section, the model matches the … wealth distribution, the age pro?les of homeownership and mortgage debt, and the frequency of housing adjustment. In the time …-series, the model matches the procyclicality and volatility of housing investment, and the procyclicality of mortgage debt. We use …
Persistent link: https://www.econbiz.de/10010772990
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Financial Business Cycles
Iacoviello, Matteo - In: Review of Economic Dynamics 18 (2015) 1, pp. 140-164
Using Bayesian methods, I estimate a DSGE model where a recession is initiated by losses suffered by banks and exacerbated by their inability to extend credit to the real sector. The event triggering the recession has the workings of a redistribution shock: a small sector of the economy --...
Persistent link: https://www.econbiz.de/10011160662
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Financial Business Cycles
Iacoviello, Matteo - Federal Reserve Board (Board of Governors of the … - 2014
Using Bayesian methods, I estimate a DSGE model where a recession is initiated by losses suffered by banks and exacerbated by their inability to extend credit to the real sector. The event triggering the recession has the workings of a redistribution shock: a small sector of the economy --...
Persistent link: https://www.econbiz.de/10010892324
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Housing and Debt Over the Life Cycle and Over the Business Cycle
Iacoviello, Matteo; Pavan, Marina - Department of Economics, Boston College - 2009
We study housing and debt in a quantitative general equilibrium model. In the cross-section, the model matches the … wealth distribution, the age profiles of homeownership and mortgage debt, and the frequency of housing adjustment. In the … time-series, the model matches the procyclicality and volatility of housing investment, and the procyclicality of mortgage …
Persistent link: https://www.econbiz.de/10008500918
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Housing market spillovers : evidence from an estimated DSGE model
Iacoviello, Matteo; Neri, Stefano - Nationale Bank van België/Banque national de Belqique (BNB) - 2008
We study sources and consequences of fluctuations in the housing market. The upward trend in real housing prices of the … last 40 years can be explained by slow technological progress in the housing sector. Over the business cycle, housing … demand and housing technology shocks explain one-quarter each of the volatility of housing investment and housing prices …
Persistent link: https://www.econbiz.de/10005060013
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Private Debt and Idiosyncratic Volatility: A Business Cycle Analysis
Iacoviello, Matteo - Society for Economic Dynamics - SED - 2005
Persistent link: https://www.econbiz.de/10005069372
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Consumption, House Prices and Collateral Constraints: a Structural Econometric Analysis
Iacoviello, Matteo - Society for Economic Dynamics - SED - 2004
support for housing prices as a driving force of consumption fluctuations. …
Persistent link: https://www.econbiz.de/10005069518
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Housing Market Spillovers: Evidence from an Estimated DSGE Model
Iacoviello, Matteo; Neri, Stefano - Department of Economics, Boston College - 2007
Using U.S. data and Bayesian methods, we quantify the contribution of the housing market to business fluctuations. The …, what shocks drive the housing market? We find that the upward trend in real housing prices of the last 40 years can be … explained by slow technological progress in the housing sector. Over the business cycle instead, housing demand and housing …
Persistent link: https://www.econbiz.de/10005074074