determines when the land premium paid by a developer is substantially higher than the market value, whether and how this "paper … loss" will affect the pricing of the housing products and development time of the project in future development. We use a … pattern in housing markets. …

risk in the mortgage market raises the default rate and spreads to the rest of the economy, creating a recession. In our …. This policy is successful in stabilizing the mortgage market and makes all agents better off. …This paper models the housing sector, mortgages and endogenous default in a DSGE setting with nominal and real …

low? We study this question in a New Keynesian model featuring long-term debt, housing transaction costs and a zero lower …