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Essays in Household Finance and Macr...
~
Georgetown University.
Essays in Household Finance and Macroeconomics.
Record Type:
Language materials, manuscript : Monograph/item
Title/Author:
Essays in Household Finance and Macroeconomics./
Author:
Zeccchetto Toledo, Franco.
Description:
1 online resource (124 pages)
Notes:
Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.
Contained By:
Dissertation Abstracts International78-10A(E).
Subject:
Economics. -
Online resource:
click for full text (PQDT)
ISBN:
9781369860665
Essays in Household Finance and Macroeconomics.
Zeccchetto Toledo, Franco.
Essays in Household Finance and Macroeconomics.
- 1 online resource (124 pages)
Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.
Thesis (Ph.D.)--Georgetown University, 2017.
Includes bibliographical references
In the first chapter, we analyze the removal of the credit-risk guarantees provided by the Government Sponsored Enterprises (GSEs) in a model with agents heterogeneous in income and house price risk. We find that wealth inequality increases, driven by higher mortgage spreads and housing rents. Housing holdings become more concentrated. Foreclosures fall. The removal benefits high-income households while hurting low and mid-income households (renters and highly leveraged mortgagors with conforming loans). GSE reform requires compensating transfers, sufficiently high elasticity of rental supply, or linking GSE reform with the elimination of the mortgage interest deduction.
Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018
Mode of access: World Wide Web
ISBN: 9781369860665Subjects--Topical Terms:
555568
Economics.
Index Terms--Genre/Form:
554714
Electronic books.
Essays in Household Finance and Macroeconomics.
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Zeccchetto Toledo, Franco.
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Essays in Household Finance and Macroeconomics.
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2017
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1 online resource (124 pages)
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Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.
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Adviser: Pedro Gete.
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Thesis (Ph.D.)--Georgetown University, 2017.
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Includes bibliographical references
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In the first chapter, we analyze the removal of the credit-risk guarantees provided by the Government Sponsored Enterprises (GSEs) in a model with agents heterogeneous in income and house price risk. We find that wealth inequality increases, driven by higher mortgage spreads and housing rents. Housing holdings become more concentrated. Foreclosures fall. The removal benefits high-income households while hurting low and mid-income households (renters and highly leveraged mortgagors with conforming loans). GSE reform requires compensating transfers, sufficiently high elasticity of rental supply, or linking GSE reform with the elimination of the mortgage interest deduction.
520
$a
In the second chapter, we show that the structure of the mortgage system is a key determinant of the intensity of a liquidity trap. Mortgage recourse systems, by discouraging default and debt-reductions, magnify the impact of nominal rigidities and cause deeper and more persistent recessions in the presence of long-term debt. We study a quantitative model with agents heterogeneous in idiosyncratic income and housing values. Following a collapse of house prices, non-recourse mortgages generate spikes in foreclosures as leveraged low-income households default on their mortgages. This leads to wealth redistribution towards the households with a higher marginal propensity to consume, and to a faster recovery in aggregate consumption which mitigates wage norms and the zero lower bound. Recourse mortgages can account for 25% of the difference in recovery between the U.S. (mostly non-recourse country) and Spain (recourse country).
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Electronic reproduction.
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Ann Arbor, Mich. :
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ProQuest,
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2018
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Mode of access: World Wide Web
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Economics.
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555568
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Electronic books.
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554714
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ProQuest Information and Learning Co.
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Georgetown University.
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Economics.
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78-10A(E).
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http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10282804
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click for full text (PQDT)
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