全球智库信息集成服务系统(G2TT): DP8624 Housing and the Macroeconomy: The Role of Bailout Guarantees for Government Sponsored Enterprises

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP8624
	DP8624 Housing and the Macroeconomy: The Role of Bailout Guarantees for Government Sponsored Enterprises
	Dirk Krueger; Karsten Jeske; Kurt Mitman
发表日期	2011-10-01
出版年	2011
语种	英语
摘要	This paper evaluates the macroeconomic and distributional effects of government bailout guarantees for Government Sponsored Enterprises (such as Fannie Mae and Freddy Mac) in the mortgage market. In order to do so we construct a model with heterogeneous, infinitely lived households and competitive housing and mortgage markets. Households have the option to default on their mortgages, with the consequence of having their homes foreclosed. We model the bailout guarantee as a government provided and tax-financed mortgage interest rate subsidy. We find that eliminating this subsidy leads to substantially lower equilibrium mortgage origination and increases aggregate welfare, but has little effect on foreclosure rates and housing investment. The interest rate subsidy is a regressive policy: eliminating it benefits low-income and low-asset households who did not own homes or had small mortgages, while lowering the welfare of high-income, high-asset households.
主题	International Macroeconomics ; Public Economics
关键词	Default risk Government-sponsored enterprises Housing Mortgage market
URL	https://cepr.org/publications/dp8624
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/537459
推荐引用方式 GB/T 7714	Dirk Krueger,Karsten Jeske,Kurt Mitman. DP8624 Housing and the Macroeconomy: The Role of Bailout Guarantees for Government Sponsored Enterprises. 2011.