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First-Time Home Buyers

Author

Listed:
  • Jonas Fisher
  • Martin Gervais

    (University of Western Ontario The University of Western Ontario)

Abstract

Residential 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

Suggested Citation

  • Jonas Fisher & Martin Gervais, 2006. "First-Time Home Buyers," 2006 Meeting Papers 432, Society for Economic Dynamics.
    • Handle: RePEc:red:sed006:432
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    Citations

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    Cited by:

    1. Nir Jaimovich & Henry E. Siu, 2009. "The Young, the Old, and the Restless: Demographics and Business Cycle Volatility," American Economic Review, American Economic Association, vol. 99(3), pages 804-826, June.
    2. Benoit Mojon, 2007. "Monetary policy, output composition and the Great Moderation," Working Paper Series WP-07-07, Federal Reserve Bank of Chicago.

    More about this item

    Keywords

    Business Cycles; Housing; Residential Investment; First-Time Home Buyers;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; 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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