First-Time Home Buyers
AbstractResidential investment before the mid 1980s was very volatile and since then it has been much less volatile. Before the 1980s mortgage markets were highly regulated and mortgage opportunities were limited, while large numbers of baby-boom households were acquiring their first house. Since 1980 the mortgage market has been deregulated, many new mortgage opportunities became available, and the number of baby-boomers buying their first house began to decline. We examine how regulatory change, mortgage innovation, and life-cycle housing choices contribute to the aggregate residential investment dynamics. Our analysis is based on a life-cycle housing model consistent with evidence on housing choices from the NLSY
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Bibliographic InfoPaper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 432.
Date of creation: 03 Dec 2006
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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
Web page: http://www.EconomicDynamics.org/society.htm
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Business Cycles; Housing; Residential Investment; First-Time Home Buyers;
Find related papers by JEL classification:
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
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- Benoît Mojon, 2007. "Monetary policy, output composition and the Great Moderation," Working Paper Series WP-07-07, Federal Reserve Bank of Chicago.
- Nir Jaimovich & Henry E. Siu, 2007.
"The Young, the Old, and the Restless: Demographics and Business Cycle Volatility,"
07-010, Stanford Institute for Economic Policy Research.
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- Henry Siu & Nir Jaimovich, 2006. "The Young, the Old, and the Restless: Demographics and Business Cycle Volatility," 2006 Meeting Papers 815, Society for Economic Dynamics.
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