Using the data on maintenance expenditures and self-assessed house value, I separate the measure of individual housing … stock and house prices, and use these data for testing whether nondurable consumption and housing are characterized by … nondurable consumption and housing. I reach a similar conclusion for some separate con-sumption categories, such as food and …

Using the data on maintenance expenditures and self-assessed house value, I separate the measure of individual housing … stock and house prices, and use these data for testing whether nondurable consumption and housing are characterized by … nondurable consumption and housing. I reach a similar conclusion for some separate consumption categories, such as food and …

Abstract:We develop a model of the housing market that features both financial and matching frictions. In the model …, risk-averse households may save or borrow in order to smooth consumption over time and finance owner housing. Each … household either rents or owns its house. Some renter households become dissatisfied with rental housing and want to buy a house …

This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables … using a tractable, search-theoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model … constraints. During housing busts, longer selling times spill over into higher foreclosure risk, thereby magnifying the response …

This paper investigates the macroeconomic effects of search risk in the housing market. To do so, I introduce a … tractable directed search model of housing with mul- tidimensional buyer and seller heterogeneity. I incorporate this framework …. This mechanism establishes a novel link between housing and mortgage markets based on the illiquidity of housing. …

enriched with housing.  The presence of housing enables the household to hedge against unexpected shocks and may decrease … relative risk aversion.  In addition, housing may generate state-dependent, time-varying risk aversion. …

job search with liquid wealth accumulation and consumption of housing that can be rented, bought on credit, or sold. In … using NLSY data from 1978 until 2005. We find that more relaxed housing lending conditions, particularly lower downpayment …

unsecured borrowing and can finance housing purchases with mortgages. Households can default separately on both types of debt …

heterogeneous, infinitely lived households and competitive housing and mortgage markets. Households have the option to default on … equilibrium mortgage origination and increases aggregate welfare, but has little effect on foreclosure rates and housing …

heterogeneous, infinitely lived households and competitive housing and mortgage markets. Households have the option to default on … equilibrium mortgage origination and increases aggregate welfare, but has little effect on foreclosure rates and housing …