Author: Joao Bernardo Neto Aurelio DuartePublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Essays in Macroeconomics and Housing
Author: Joao Bernardo Neto Aurelio DuartePublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Essays in Macroeconomics
Author: Hamza PolattimurEssays on the Macroeconomics of Housing Markets
Author: Boaz AbramsonPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
This dissertation studies the macroeconomic implications of government policies and house- hold decisions for housing market outcomes. The first chapter, "The Welfare Effects of Eviction and Homelessness Policies", studies the effects of various rental market policies that address evictions and homelessness. I find that "Right-to-Counsel" drives up rents so much that homelessness increases, and welfare is dampened. While lawyers make it harder to evict delinquent tenants, they are unable to prevent evictions because defaults on rent are driven by persistent shocks to income that cannot easily be smoothed across time. In contrast, rental assistance lowers tenants default risk and as a result reduces both homelessness and evictions and increases welfare. the second chapter, "Self-Assessed Financial Literacy in Housing Markets", studies the role of financial knowledge in home- ownership decisions. I show that households who self-assess them- selves to be more financially literate are more likely to own a house and take a more levered position on their house. I find that this is because households with higher levels of self-assessed financial knowledge have access to more accommodating mortgage terms and better risk-return tradeoffs in the housing market.
Essays on the Macroeconomics of Housing Markets
Author: Fabian GreimelEssays on the Economics of Housing
Author: Paramita DharHousing Markets and the Economy
Author: Karl E. CasePublisher: Lincoln Inst of Land Policy
ISBN: 9781558441842
Category : Business & Economics
Languages : en
Pages : 417
Book Description
Based on the work of Karl "Chip" Case, who is renowned for his scientific contributions to the economics of housing and public policy, this is a must read during a time of restructuring our nation's system of housing finance.
Essays on the Economics of Housing
Author: Niku MäättänenEssays in Macroeconomics and Finance
Author: Johannes Christopher StroebelPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
In this dissertation I examine a number of financial and macroeconomic aspects of U.S. housing and mortgage markets. In the first chapter I analyze the importance of asymmetric information between mortgage lenders in explaining mortgage lending outcomes. I show that mortgage lenders that are owned by large property developers have superior information about the relative construction quality of ex-ante observationally similar homes within the same development, and that they exploit this information in the competition with other, less-informed mortgage lenders. As a result the collateral portfolio of those integrated lenders is of above-average quality. To compensate for the winner's curse in the presence of an integrated lender, less-informed lenders charge higher interest rates in developments with an integrated lender. In the second chapter I analyze government interventions in the housing market on prices, quantities and aggregate and distributional welfare using an overlapping-generations heterogeneous-agent general-equilibrium model calibrated to the U.S. economy. I consider (i) the introduction of temporary home purchase tax credits and (ii) a removal of the asymmetric tax treatment of owner-occupied and rental housing. Home buyer tax credits temporarily raise house prices and transaction volumes, but have negative welfare effects. Removing the asymmetric tax treatment of owner-occupied and rental housing generates welfare gains for a majority of agents in a comparison of stationary equilibria. Welfare impacts are more varied, though still positive, along the transition between steady states. In the third chapter I analyze the Federal Reserve's mortgage-backed securities (MBS) purchase program, the largest credit easing program established by the Fed during the financial crisis. I examine the quantitative impact of this program on mortgage interest rate spreads. This is more difficult than frequently perceived because of simultaneous changes in prepayment risk and default risk. The empirical results attribute a sizeable portion of the decline in mortgage rates to such risks and a relatively small and uncertain portion to the program.
Essays on Housing and Macroeconomics
Author: Wonmun ShinPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Therefore, this chapter argues that higher house price volatility in emerging countries leads to their excess consumption volatility.
Essays on Housing and Macroeconomics
Author: Guozhong ZhuPublisher:
ISBN:
Category :
Languages : en
Pages : 234
Book Description
This dissertation studies households' housing decision in the presence of income risks, and its implication on within-cohort income/consumption inequality and the nature of income risks facing households. It is composed of three chapters. The first chapter presents evidence from Panel Study of Income Dynamics (PSID) and Consumer Expenditure Survey (PSID) that housing consumption and housing investment are negatively affected by income risks. Within a household portfolio choice model, the negative effect can be attributed to the illiquidity of housing investment and the positive correlation between house price and income. The second chapter provides empirical evidence that the secular rise of income and consumption inequalities in the United States is age-dependent. It is more significant among younger households. With this feature, biasedness arises from the traditional methodology of decomposing inequality into age effect, year effect and cohort effect. A simple but effective remedy for the problem is proposed. The third chapter of the dissertation studies the age-profile of within-cohort income/consumption inequality, using the methodology proposed in the second chapter. It documents the age-profile of housing consumption inequality which is almost flat. This stands in contrast to the well-documented fact that within-cohort nonhousing consumption inequality rises with age, which has been argued to be evidence for persistent, uninsurable income shocks to households. This argument is challenged by the finding that housing consumption inequality has a flat age-profile. Within the framework of standard lifecycle model, the coexistence of rising nonhousing consumption inequality and flat housing consumption inequality constitutes a puzzle. A potential resolution lies in the negative effect of income uncertainty on housing decision which diminishes with age, as shown in the first chapter of the dissertation.