Housing and debt over the life cycle and over the business cycle
成果类型：
Article
署名作者：
Iacoviello, Matteo; Pavan, Marina
署名单位：
Federal Reserve System - USA; Federal Reserve System Board of Governors; Universitat Jaume I; Universitat Jaume I
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.10.020
发表日期：
2013
页码：
221-238
关键词：
摘要：
Housing and mortgage debt are studied in a quantitative general equilibrium model. The model matches wealth distribution, age profiles of homeownership and debt, and frequency of housing adjustment. Over the cycle, the model matches the cyclicality and volatility of housing investment, and the procyclicality of debt. Higher individual income risk and lower downpayments can explain the reduced volatility of housing investment, the reduced procyclicality of debt, and part of the reduced volatility of GDP. In an experiment that mimics the Great Recession, countercyclical financial conditions can account for large drops in housing activity and debt following large negative shocks. Published by Elsevier B.V.
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