ACCOUNTING FOR CHANGES IN THE HOMEOWNERSHIP RATE

• 成果类型: Article
• 署名作者: Chambers, Matthew; Garriga, Carlos; Schlagenhauf, Don E.
• 署名单位: State University System of Florida; Florida State University; University System of Maryland; Towson University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2009.00544.x
• 发表日期: 2009
• 页码: 677-726
• 关键词: Taxes; MODEL

摘要

This article accounts for the boom in homeownership from 1994 to 2005 by examining the roles of demographic changes and mortgage innovations. To measure the impact of these factors, we construct a quantitative general equilibrium overlapping generation model with housing. In the long-run, mortgage innovation accounts for between 56 and 70% of the increase whereas demographics account for a much smaller portion. We test this result by considering changes in mortgages after 1940. We find that the introduction of the conventional fixed rate mortgage accounts for at least 50% of the observed increase in homeownership during that period.