| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19421 |
| 来源ID | Working Paper 19421 |
| Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty | |
| Hui Chen; Michael Michaux; Nikolai Roussanov | |
| 发表日期 | 2013-09-12 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We estimate a structural model of household liquidity management in the presence of long-term mortgages. Households face counter-cyclical idiosyncratic labor income uncertainty and borrowing constraints, which affect optimal choices of leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default. Taking the observed historical path of house prices, aggregate income, and interest rates as given, the model quantitatively accounts for the run-up in household debt and consumption boom prior to the financial crisis, their subsequent collapse, and mild recovery following the Great Recession, especially among the most constrained households. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w19421 |
| 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/577097 |
| 推荐引用方式 GB/T 7714 | Hui Chen,Michael Michaux,Nikolai Roussanov. Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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