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Data and Code for: Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession

Version
1
Resource Type
Dataset
Creator
  • Garriga, Carlos (Federal Reserve Bank of St. Louis)
  • Hedlund, Aaron (University of Missouri)
Publication Date
2020-05-27
Free Keywords
Housing; Consumption; Liquidity; Debt; Great Recession
Description
  • Abstract

    Using a quantitative heterogeneous agents macro-housing model and detailed micro data, this paper studies the drivers of the 2006--2011 housing bust, its spillovers to consumption and the credit market, and the ability of mortgage rate interventions to accelerate the recovery. The model features tenure choice between owning and renting, rich portfolio choice, long-term defaultable mortgages, and endogenously illiquid housing from search frictions. The equilibrium analysis and empirical evidence suggest that the deterioration in house prices and liquidity---transmitted to consumption via balance sheets that vary in composition and depth---is central to explaining the observed aggregate and cross-sectional patterns.
Availability
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Publications
  • Garriga, Carlos, and Aaron Hedlund. “Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession.” American Economic Review, n.d.

Update Metadata: 2020-05-27 | Issue Number: 1 | Registration Date: 2020-05-27

Garriga, Carlos; Hedlund, Aaron (2020): Data and Code for: Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E115524V1