Risultati della ricerca
Creator: Schulhofer-Wohl, Sam Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 682 Abstract:
Some commentators have argued that the housing crisis may harm labor markets because homeowners who owe more than their homes are worth are less likely to move to places that have productive job opportunities. I show that, in the available data, negative equity does not make homeowners less mobile. In fact, homeowners who have negative equity are slightly more likely to move than homeowners who have positive equity. Ferreira, Gyourko, and Tracy's (2010) contrasting result that negative equity reduces mobility arises because they systematically drop some negative-equity homeowners' moves from the data.
Parola chiave: Household mobility and Negative equity Soggetto: R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand and R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics
Creator: Yang, Fang Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 635 Abstract:
Micro data over the life cycle shows two different patterns of consumption of housing and non-housing goods: the consumption profile of non-housing goods is hump-shaped while the consumption profile for housing first increases monotonically and then flattens out. These patterns hold true at each consumption quartile. This paper develops a quantitative, dynamic general equilibrium model of life cycle behavior, which generates consumption profiles consistent with the observed data. Borrowing constraints are essential in explaining the accumulation of housing assets early in life, while transaction costs are crucial in generating the slow downsizing of the housing assets later in life. The bequest motives play a role in determining total life time wealth, but not the housing profile.
Parola chiave: Life cycle, Consumption, Housing, and Distribution Soggetto: J14 - Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination, R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand, and E21 - Macroeconomics: Consumption; Saving; Wealth
Creator: Piazzesi, Monika and Schneider, Martin Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 422 Abstract:
This paper studies household beliefs during the recent US housing boom. To characterize the heterogeneity in households’ views about housing and the economy, we perform a cluster analysis on survey responses at different stages of the boom. The estimation always finds a small cluster of households who believe it is a good time to buy a house because house prices will rise further. The size of this “momentum” cluster doubled towards the end of the boom. We also provide a simple search model of the housing market to show how a small number of optimistic investors can have a large effect on prices without buying a large share of the housing stock.
This paper is an extension of Monika Piazzesi's and Martin Schneider's work while they were in the Research Department of the Federal Reserve Bank of Minneapolis.
Soggetto: D12 - Consumer Economics: Empirical Analysis, R31 - Housing Supply and Markets, and R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand