| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23345 |
| 来源ID | Working Paper 23345 |
| Liquidity Constraints in the U.S. Housing Market | |
| Corina Boar; Denis Gorea; Virgiliu Midrigan | |
| 发表日期 | 2017-05-01 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We study the severity of liquidity constraints in the U.S. housing market using a life-cycle model with uninsurable idiosyncratic risks in which houses are illiquid, but agents can extract home equity by refinancing their mortgages. The model implies that four-fifths of homeowners are liquidity constrained and willing to pay an average of 13 cents to extract an additional dollar of liquidity from their home. Most homeowners value liquidity for precautionary reasons, anticipating the possibility of income declines and the need to make mortgage payments. The model reproduces well the observed response of consumption to tax rebates and mortgage relief programs and predicts large welfare gains from policies aimed at providing temporary liquidity relief to homeowners. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles |
| URL | https://www.nber.org/papers/w23345 |
| 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/581019 |
| 推荐引用方式 GB/T 7714 | Corina Boar,Denis Gorea,Virgiliu Midrigan. Liquidity Constraints in the U.S. Housing Market. 2017. |
| 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 | ||
| w23345.pdf（794KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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