Unemployment Insurance as a Housing Market Stabilizer

被引：85
|
作者：
Hsu, Joanne W. [1 ]
Matsa, David A. [2 ,3 ]
Melzer, Brian T. [2 ]
机构：
[1] Fed Reserve Board Governors, 20th St & Constitut Ave NW, Washington, DC 20551 USA
[2] Northwestern Univ, Kellogg Sch Management, 2211 Campus Dr, Evanston, IL 60208 USA
[3] NBER, Cambridge, MA 02138 USA
来源：
AMERICAN ECONOMIC REVIEW | 2018年 / 108卷 / 01期
关键词：
MORTGAGE DEFAULT; AUTOMATIC STABILIZERS; SOCIAL INSURANCE; BENEFITS; SPELLS; FORECLOSURES; EMPLOYMENT; RISK;
D O I：
10.1257/aer.20140989
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper studies the impact of unemployment insurance (UI) on the housing market. Exploiting heterogeneity in UI generosity across US states and over time, we find that UI helps the unemployed avoid mortgage default. We estimate that UI expansions during the Great Recession prevented more than 1.3 million foreclosures and insulated home values from labor market shocks. The results suggest that policies that make mortgages more affordable can reduce foreclosures even when borrowers are severely underwater. An optimal UI policy during housing downturns would weigh, among other benefits and costs, the deadweight losses avoided from preventing mortgage defaults.
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页码：49 / 81
页数：33
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