matches the wealth distribution; the age profiles of consumption, homeownership, and mortgage debt; and data on the frequency …

This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households … are heteroeneous with respect to income and preferences and mortgage lending is restricted by a down-payment requirement …

We investigate an unexplored link between the US mortgage spread and business cycle and house price fluctuations in … emerging market economies (EMEs). An increase in the US mortgage spread leads to substantially lower output, investment … financial channel is the main transmission mechanism through which US mortgage spread shocks affect business and house price …