Government Policies, Residential Mortgage Defaults and the Boom and Bust Cycle of Housing Prices

被引：3

作者：

Ascheberg, Marius ^{[1
]}

Jarrow, Robert A. ^{[2
]}

Kraft, Holger ^{[1
]}

Yildirim, Yildiray ^{[3
]}

机构：

[1] Goethe Univ Frankfurt, Dept Finance, D-60325 Frankfurt, Germany

[2] Cornell Univ, Johnson Grad Sch Management, Ithaca, NY 14850 USA

[3] Syracuse Univ, Whitman Sch Management, Syracuse, NY 13244 USA

来源：

REAL ESTATE ECONOMICS | 2014年 / 42卷 / 03期

关键词：

FORECLOSURES; BEHAVIOR;

D O I：

10.1111/1540-6229.12041

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We develop a micro-based macromodel for residential home prices in an economy where defaults on residential mortgages negatively affect housing prices. Our model enables us to study the impact of subprime defaults on prime borrowers and the impact of various government policies on the housing market boom and bust cycle. In this regard, our key conclusions are that (i) there is a contagion effect from subprime defaults to prime defaults due to the negative impact of subprime defaults and (ii) monetary policy is the most effective tool for decreasing mortgage defaults and increasing aggregate home prices in contrast to alternative government fiscal policies designed to loosen mortgage credit.

引用

页码：627 / 661

页数：35

共 26 条

[1]

Amromin G., 2009, EC PERSPECTIVES, V33, P55

[2]

[Anonymous], 2012, WORKING PAPER

[3] Financial Constraints and Inflated Home Prices during the Real Estate Boom [J].

Ben-David, Itzhak .

AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS, 2011, 3 (03) :55-87

[4]

Berndt A., 2012, WORKING PAPER

[5]

Borsum O., 2010, WORKING PAPER

[6] Forced Sales and House Prices [J].

Campbell, John Y. ;

Giglio, Stefano ;

Pathak, Parag .

AMERICAN ECONOMIC REVIEW, 2011, 101 (05) :2108-2131

[7] Subprime lending and the housing bubble: Tail wags dog? [J].

Coleman, Major ;

LaCour-Little, Michael ;

Vandell, Kerry D. .

JOURNAL OF HOUSING ECONOMICS, 2008, 17 (04) :272-290

[8] Understanding the Subprime Mortgage Crisis [J].

Demyanyk, Yuliya ;

Van Hemert, Otto .

REVIEW OF FINANCIAL STUDIES, 2011, 24 (06) :1848-1880

[9]

Ding L, 2008, J REAL ESTATE RES, V30, P315

[10]

Elmer P. J., 1998, WORKING PAPER

← 1 2 3 →