| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w23994
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| 来源ID | Working Paper 23994
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| City Equilibrium with Borrowing Constraints: Structural Estimation and General Equilibrium Effects |
| Amine Ouazad; Romain Rancière
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| 发表日期 | 2017-11-06
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| 出版年 | 2017
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| 语种 | 英语
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| 摘要 | This paper develops a general equilibrium model of location choice with social interactions where mortgage approval rates determine household-specific choice sets that differ across neighborhoods and years in observable and unobservable dimensions. Existence and local uniqueness of city equilibria enable comparative statics estimates of the impact of changes in borrowing constraints on neighborhood-level prices and demographics. Estimation the model using micro data on property transactions, household demographics, neighborhood amenities, mortgage applications, and bank liquidity for the San Francisco Bay area, reveals that the price sensitivity of borrowing constraints explains about two-thirds of the price elasticity of neighborhood demand. General equilibrium estimates of the impact of the relaxation of lending standards on prices and neighborhood demographics bring two out-of-sample predictions for the period 2000-2006: (i) an increase in house prices accompanied by a compression of the price distribution and (ii) a reduction in the isolation of Whites in line with evidence of gentrification in the San Francisco Bay. Both predictions are supported by empirical observation. |
| 主题 | Financial Economics
; Financial Institutions
; Regional and Urban Economics
; Real Estate
|
| URL | https://www.nber.org/papers/w23994
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581667
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推荐引用方式
GB/T 7714 |
Amine Ouazad,Romain Rancière. City Equilibrium with Borrowing Constraints: Structural Estimation and General Equilibrium Effects. 2017.
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文件名：
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w23994.pdf
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格式：
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Adobe PDF
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