| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17537 |
| 来源ID | Working Paper 17537 |
| Housing and the Macroeconomy: The Role of Bailout Guarantees for Government Sponsored Enterprises | |
| Karsten Jeske; Dirk Krueger; Kurt Mitman | |
| 发表日期 | 2011-10-27 |
| 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 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w17537 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575211 |
| 推荐引用方式 GB/T 7714 | Karsten Jeske,Dirk Krueger,Kurt Mitman. Housing and the Macroeconomy: The Role of Bailout Guarantees for Government Sponsored Enterprises. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17537.pdf（508KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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