Essays on Econometrics of Interest Rate and Housing-mortgage Market PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Essays on Econometrics of Interest Rate and Housing-mortgage Market PDF full book. Access full book title Essays on Econometrics of Interest Rate and Housing-mortgage Market by Xufeng Qian. Download full books in PDF and EPUB format.
Author: Xufeng Qian
Publisher:
ISBN:
Category :
Languages : en
Pages : 128
Get Book Here
Book Description
Author: Xufeng Qian
Publisher:
ISBN:
Category :
Languages : en
Pages : 128
Get Book Here
Book Description
Author: Thomas Harry Goodwin
Publisher:
ISBN:
Category :
Languages : en
Pages : 304
Get Book Here
Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Roberto Maria Croce
Publisher:
ISBN:
Category :
Languages : en
Pages : 99
Get Book Here
Book Description
Abstract: In the first essay of this dissertation, "Monetary Policy and the Housing Cycle," I investigate the role of monetary policy in a housing boom that precipitated the U.S. financial crisis of 2007. I find expansionary policy between 2002 and 2005 accounts for about 50% of the peak deviation of real residential investment from its long-run trend, which occurred in the second quarter of 2005. To determine if monetary policy was a contributor to the housing boom I estimate a large dynamic stochastic general equilibrium model (DSGE) to fit the economy in several different time periods. I mathematically isolate a series of changes in the Fed Funds rate that are statistically unrelated to changes in the macroeconomy and classify these deviations as a measure of monetary policy. The magnitude of the monetary policy series is relatively small during the housing boom but explains half of the of the 2005 peak in residential investment because of inertia in the Fed Funds rate.
Author: Hae-Shin Hwang
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 380
Get Book Here
Book Description
Author: Mr.Martin Cihak
Publisher: International Monetary Fund
ISBN: 1451871058
Category : Business & Economics
Languages : en
Pages : 34
Get Book Here
Book Description
We examine the interest rate elasticity of housing prices, advancingthe empirical literature in two directions. First, we take a commonly used cross-country panel dataset and evaluate the housing price equation using a consistent estimator in the presence of endogenous explanatory variables and a lagged dependent variable. Second, we carry-out a novel analysis of determinants of residential housing prices in a cross-section of countries. Our results show that the short-term interest rate, and hence monetary policy, has a sizable impact on residential housing prices.
Author: J. Eric Fredland
Publisher: Urban Institute Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 124
Get Book Here
Book Description
Author: Rita Yi Man Li
Publisher: Routledge
ISBN: 1317587928
Category : Business & Economics
Languages : en
Pages : 199
Get Book Here
Book Description
This book explores how econometric modelling can be used to provide valuable insight into international housing markets. Initially describing the role of econometrics modelling in real estate market research and how it has developed in recent years, the book goes on to compare and contrast the impact of various macroeconomic factors on developed and developing housing markets. Explaining the similarities and differences in the impact of financial crises on housing markets around the world, the author's econometric analysis of housing markets across the world provides a broad and nuanced perspective on the impact of both international financial markets and local macro economy on housing markets. With discussion of countries such as China, Germany, UK, US and South Africa, the lessons learned will be of interest to scholars of Real Estate economics around the world.
Author: Robert Gary-Bobo
Publisher:
ISBN:
Category : Bank loans
Languages : en
Pages : 36
Get Book Here
Book Description
Author: Deeksha Gupta
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
This dissertation is motivated by the housing crisis of 2008. It consists of three chapters. In the first chapter, "Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices," I propose a new theory to help explain the housing crisis. During the housing boom, a small number of institutions--the government-sponsored enterprises (GSEs) and a few banks--held most of U.S. mortgage risk. I develop a theory in which such concentration of mortgage exposure can explain features of the housing crisis. I show that large lenders with many outstanding mortgages have incentives to extend risky credit to prop up house prices. An increase in concentration can lead to a boom with worsening credit quality and a subsequent bust with widespread defaults. In the second chapter, "Concentration and Lending in Mortgage Markets," joint with Ronel Elul and David Musto, we attempt to test the theory described in the first chapter. We provide evidence that concentration in mortgage markets can create perverse lending incentives. We exploit variation in the size of the GSEs' outstanding mortgage exposure across MSAs. Using a loan-level dataset, we provide evidence that the GSEs were more likely to engage in high-risk activities in areas where they had a large exposure to outstanding mortgages. We also provide evidence that this relationship is driven by an incentive to keep house prices high. In the final chapter, "Housing Booms and the Crowding-Out Effect," joint with Itay Goldstein, we study the effect that investment in real estate assets has on the economy. We develop a theory in which housing price booms can sometimes lead to a crowding-out of corporate investment. We show that an increase in real estate prices does not necessarily increase aggregate investment even when firms actively use real estate assets as collateral to borrow against and invest the proceeds in positive NPV projects. We argue that at times, it can be optimal to decrease the price of housing rather than to support high housing prices to stimulate the economy and characterize when this is the case.
