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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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100 1 $a Zeccchetto Toledo, Franco. $3 1193576
245 1 0 $a Essays in Household Finance and Macroeconomics.
264 0 $c 2017
300 $a 1 online resource (124 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.
500 $a Adviser: Pedro Gete.
502 $a Thesis (Ph.D.)--Georgetown University, 2017.
504 $a Includes bibliographical references
520 $a 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).
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
655 7 $a Electronic books. $2 local $3 554714
690 $a 0501
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Georgetown University. $b Economics. $3 1179096
773 0 $t Dissertation Abstracts International $g 78-10A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10282804 $z click for full text (PQDT)