Housing and debt over the life cycle and over the business cycle
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Housing and debt over the life cycle and over the business cycleFecha de publicación
2013-03Editor
ElsevierCita bibliográfica
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.Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://www.sciencedirect.com/science/article/pii/S0304393212001353Versión
info:eu-repo/semantics/submittedVersionPalabras clave / Materias
Resumen
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 2013Derechos de acceso
http://rightsstatements.org/vocab/CNE/1.0/
info:eu-repo/semantics/openAccess
info:eu-repo/semantics/openAccess
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