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Essays in Financial Macroeconomics.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays in Financial Macroeconomics./
Author:	Condor, Richard.
Description:	1 online resource (70 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-02(E), Section: A.
Contained By:	Dissertation Abstracts International79-02A(E).
Subject:	Economics. -
Online resource:	click for full text (PQDT)
ISBN:	9780355319545

Essays in Financial Macroeconomics.
Condor, Richard.

Essays in Financial Macroeconomics. - 1 online resource (70 pages)

Source: Dissertation Abstracts International, Volume: 79-02(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

This thesis studies two aspects of the U.S. housing and mortgages markets, in the context of a general equilibrium model with two types of households, lack of commitment, and equilibrium default. Chapter 1 measures the subsidy-equivalent cost of the U.S. housing policy that promotes the use of 30-year fixed-rate mortgages. Unlike other developed countries, the U.S. has an unusually high proportion of long-term fixed-rate mortgages (LFRMs), which is partly the result of government policies that drive down the interest rate of these mortgage products. The subsidy-equivalent cost is the minimum interest-rate subsidy such that, in the model, households choose LFRMs over short-term mortgages, as in the data. The resulting subsidy is around 23 basis points. Chapter 2 takes the subsidy on LFRMs and the contract itself as given, and explores the existence of allocations with lower debt levels that render both types of households better off. Specifically, I look for Pareto-improving allocations by setting a tax on mortgage coupon payments. I find that there exists an interval of positive (constant) taxes that implements strictly Pareto-improving allocations. Chapter 3 discusses the literature related to Chapters 1 and 2, and highlights my contributions.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355319545Subjects--Topical Terms:

555568
Economics.
Index Terms--Genre/Form:

554714
Electronic books.

Essays in Financial Macroeconomics.
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100 1 $a Condor, Richard. $3 1179229
245 1 0 $a Essays in Financial Macroeconomics.
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300 $a 1 online resource (70 pages)
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500 $a Source: Dissertation Abstracts International, Volume: 79-02(E), Section: A.
500 $a Advisers: Manuel Amador; Timothy Kehoe.
502 $a Thesis (Ph.D.) $c University of Minnesota $d 2017.
504 $a Includes bibliographical references
520 $a This thesis studies two aspects of the U.S. housing and mortgages markets, in the context of a general equilibrium model with two types of households, lack of commitment, and equilibrium default. Chapter 1 measures the subsidy-equivalent cost of the U.S. housing policy that promotes the use of 30-year fixed-rate mortgages. Unlike other developed countries, the U.S. has an unusually high proportion of long-term fixed-rate mortgages (LFRMs), which is partly the result of government policies that drive down the interest rate of these mortgage products. The subsidy-equivalent cost is the minimum interest-rate subsidy such that, in the model, households choose LFRMs over short-term mortgages, as in the data. The resulting subsidy is around 23 basis points. Chapter 2 takes the subsidy on LFRMs and the contract itself as given, and explores the existence of allocations with lower debt levels that render both types of households better off. Specifically, I look for Pareto-improving allocations by setting a tax on mortgage coupon payments. I find that there exists an interval of positive (constant) taxes that implements strictly Pareto-improving allocations. Chapter 3 discusses the literature related to Chapters 1 and 2, and highlights my contributions.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Economics. $3 555568
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
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690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of Minnesota. $b Economics. $3 1179201
773 0 $t Dissertation Abstracts International $g 79-02A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10603651 $z click for full text (PQDT)