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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 …
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This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households … are heterogeneous with respect to income and preferences, and mortgage lending is restricted by a down-payment requirement …
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We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria which replicate the facts that credit constraints delay some households' first home purchase and force other households to buy a home smaller than they would like. The model...
Persistent link: https://www.econbiz.de/10010343962
We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria which replicate the facts that credit constraints delay some households' first home purchase and force other households to buy a home smaller than they would like. The model...
Persistent link: https://www.econbiz.de/10010440424
This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households … are heterogeneous with respect to income and preferences, and mortgage lending is restricted by a down-payment requirement …
Persistent link: https://www.econbiz.de/10010440971
Persistent link: https://www.econbiz.de/10013428447