| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w25403
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| 来源ID | Working Paper 25403
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| Debt Relief and Slow Recovery: A Decade after Lehman |
| Tomasz Piskorski; Amit Seru
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| 发表日期 | 2018-12-31
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| 出版年 | 2018
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| 语种 | 英语
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| 摘要 | We follow a representative panel of millions of consumers in the U.S. from 2007 to 2017 and document several facts on the long-term effects of the Great Recession. There were about six million foreclosures in the ten-year period after Lehman’s collapse. Owners of multiple homes accounted for 25% of these foreclosures, while comprising only 13% of the market. Foreclosures displaced homeowners, with most of them moving at least once. Only a quarter of foreclosed households regained homeownership, taking an average four years to do so. Despite massive stimulus and debt relief policies, recovery was slow and varied dramatically across regions. House prices, consumption and unemployment remain below pre-crisis levels in about half of the zip codes in the U.S. Regions that recovered to pre-crisis levels took on average four to five years from the depths of the Great Recession. Regional variation in the extent and speed of recovery is strongly related to frictions affecting the pass-through of lower interest rates and debt relief to households including mortgage contract rigidity, refinancing constraints, and the organizational capacity of intermediaries to conduct loan renegotiations. A simple counterfactual based on our estimates suggest that, regardless of the narratives of the causes of housing boom and bust, alleviating these frictions could have reduced the relative foreclosure rate by more than half and resulted in up to twice as fast recovery of house prices, consumption, and employment. Our findings have implications for mortgage market design, monetary policy pass-through, and macro-prudential and housing policy interventions. |
| 主题 | Macroeconomics
; Money and Interest Rates
; Financial Economics
; Financial Institutions
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| URL | https://www.nber.org/papers/w25403
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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/583077
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推荐引用方式
GB/T 7714 |
Tomasz Piskorski,Amit Seru. Debt Relief and Slow Recovery: A Decade after Lehman. 2018.
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文件名：
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w25403.pdf
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格式：
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Adobe PDF
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