Housing and debt over the life cycle and over the business cycle
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Title
Housing and debt over the life cycle and over the business cycleDate
2013-03Publisher
ElsevierBibliographic citation
IACOVIELLO, Matteo; PAVAN, Marina. Housing and debt over the life cycle and over the business cycle. Journal of Monetary Economics, 2013, 60.2: 221-238.Type
info:eu-repo/semantics/articlePublisher version
http://www.sciencedirect.com/science/article/pii/S0304393212001353Version
info:eu-repo/semantics/submittedVersionSubject
Abstract
Housing and mortgage debt are studied in a quantitative general equilibrium model. The model matches wealth distribution, age profiles of homeownership and debt, and frequency of housing adjustment. Over the cycle, ... [+]
Housing and mortgage debt are studied in a quantitative general equilibrium model. The model matches wealth distribution, age profiles of homeownership and debt, and frequency of housing adjustment. Over the cycle, the model matches the cyclicality and volatility of housing investment, and the procyclicality of debt. Higher individual income risk and lower downpayments can explain the reduced volatility of housing investment, the reduced procyclicality of debt, and part of the reduced volatility of GDP. In an experiment that mimics the Great Recession, countercyclical financial conditions can account for large drops in housing activity and debt following large negative shocks. [-]
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Journal of Monetary Economics Volume 60, Issue 2, March 2013Rights
http://rightsstatements.org/vocab/CNE/1.0/
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- ECO_Articles [696]