Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession
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DOI: 10.1257/aer.20170772
Abstract: Using a quantitative heterogeneous agents macro-housing model and detailed microdata, this paper studies the drivers of the 2006–2011 housing bust, its spillovers to consumption and the credit market, and the ability of mortgage rate interventions… read more here.
Keywords: debt consumption; mortgage debt; illiquid housing; housing ... See more keywords