Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default

被引：111

作者：

Gerardi, Kristopher ^{[1
]}

Herkenhoff, Kyle F. ^{[2
]}

Ohanian, Lee E. ^{[3
,4
]}

Willen, Paul S. ^{[5
]}

机构：

[1] Fed Reserve Bank Atlanta, Atlanta, GA USA

[2] Univ Minnesota, 4-101 Hanson Hall, Minneapolis, MN 55455 USA

[3] Univ Calif Los Angeles, Los Angeles, CA 90024 USA

[4] ASU, Tempe, AZ USA

[5] Fed Reserve Bank Boston, Boston, MA 02210 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2018年 / 31卷 / 03期

基金：

美国国家科学基金会;

关键词：

MORTGAGE DEFAULT; CRISIS; COSTS;

D O I：

10.1093/rfs/hhx115

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper uses new data from the PSID to quantify the relative importance of negative equity versus ability to pay, in driving mortgage defaults between 2009 and 2013. These data allow us to construct household budgets sets that provide better measures of ability to pay. Changes in ability to pay have large estimated effects. Job loss has an equivalent effect on the propensity to default as a 35% decline in equity. Strategic motives are also found to be quantitatively important, as we estimate more than 38% of households in default could make their mortgage payments without reducing consumption.

引用

页码：1098 / 1131

页数：34

共 33 条

[1] THE IMPACT OF INCOME SHOCKS ON HEALTH: EVIDENCE FROM COHORT DATA [J].