The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium
The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium
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DOI：
10.1086/689606
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发表时间：
2017-02-01
影响因子：
8.2
通讯作者：
Van Nieuwerburgh, Stijn
中科院分区：
文献类型：
--
作者：
Favilukis, Jack;Ludvigson, Sydney C.;Van Nieuwerburgh, Stijn
本文研究了住房的定量一般均衡模型。该模型具有先前在现有的住房金融定量宏观研究中未考虑到的两个关键要素：总体经济周期风险和模型中由偏好遗赠异质性驱动的现实财富分配。模型的这些特征对以下结果起着至关重要的作用。首先，融资约束的放松导致房价大幅上涨。其次，房价的上涨完全是住房风险溢价下降的结果。第三，低利率不能解释高房价。
This paper studies a quantitative general equilibrium model of housing. The model has two key elements not previously considered in existing quantitative macro studies of housing finance: aggregate business cycle risk and a realistic wealth distribution driven in the model by bequest heterogeneity in preferences. These features of the model play a crucial role in the following results. First, a relaxation of financing constraints leads to a large boomin house prices. Second, the boom in house prices is entirely the result of a decline in the housing risk premium. Third, low interest rates cannot explain high home values.