written as a simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of … consumption growth rates than constrained households, i.e. they are located in the lower tail of the crosssectional consumption … growth distribution. We use household consumption data from the U.S. Consumer Expenditure Survey to estimate the pricing …

written as a simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of … consumption growth rates than constrained households, i.e. they are located in the lower tail of the crosssectional consumption … growth distribution. We use household consumption data from the U.S. Consumer Expenditure Survey to estimate the pricing …

simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of households that do … not face binding enforcement constraints. These unconstrained households have lower consumption growth rates than all … other households in the economy. We use household data on consumption growth from the U.S. Consumer Expenditure Survey to …

if the distribution of idiosyncratic risk is independent of aggregate shocks and aggregate consumption growth is … Duffie (1996), households only use the stock market to smooth consumption; the bond market is inoperative. Furthermore we … show that the cross-sectional wealth and consumption distributions are not affected by aggregate shocks. These results hold …

written as a simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of … consumption growth rates than constrained households, i.e. they are located in the lower tail of the crosssectional consumption … growth distribution. We use household consumption data from the U.S. Consumer Expenditure Survey to estimate the pricing …

simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of households that do … not face binding enforcement constraints. These unconstrained households have lower consumption growth rates than all … other households in the economy. We use household data on consumption growth from the U.S. Consumer Expenditure Survey to …

written as a simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of … consumption growth rates than constrained households, i.e. they are located in the lower tail of the crosssectional consumption … growth distribution. We use household consumption data from the U.S. Consumer Expenditure Survey to estimate the pricing …

-sponsored enterprises. We construct a model with competitive housing and mortgage markets in which the government provides banks with … of this government subsidy of owner-occupied housing. Preliminary findings indicate that the subsidy leads to higher … equilibrium housing investment, higher mortgage default rates, and lower welfare. The welfare effects of this policy vary …

Enterprises (e.g., Fannie Mae)? A model with heterogeneous, infinitely lived households and competitive housing and mortgage … origination and increases aggregate welfare by 0.5% in consumption equivalent variation, but has little effect on foreclosure … rates and housing investment. The interest rate subsidy is a regressive policy: it hurts low-income and low-asset households. …