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Beyond Leveraged Losses: The Balance Sheet Effects of the Home Price Downturn

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  • Jan Hatzius

    (Goldman Sachs)

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  • Jan Hatzius, 2008. "Beyond Leveraged Losses: The Balance Sheet Effects of the Home Price Downturn," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 195-227.
    • Handle: RePEc:bin:bpeajo:v:39:y:2008:i:2008-02:p:195-227
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    File URL: https://www.brookings.edu/wp-content/uploads/2008/09/2008b_bpea_hatzius.pdf
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    References listed on IDEAS

    as
    1. Foote, Christopher L. & Gerardi, Kristopher & Willen, Paul S., 2008. "Negative equity and foreclosure: Theory and evidence," Journal of Urban Economics, Elsevier, vol. 64(2), pages 234-245, September.
    2. Christopher L. Foote & Kristopher Gerardi & Lorenz Goette & Paul S. Willen, 2008. "Subprime facts: what (we think) we know about the subprime crisis and what we don’t," Public Policy Discussion Paper 08-2, Federal Reserve Bank of Boston.
    3. Adrian Blundell-Wignall, 2008. "The subprime crisis: Size, deleveraging and some policy options," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2008(1), pages 29-53.
    4. Ruth A. Judson & Ann L. Owen, "undated". "Estimating Dynamic Panel Data Models: A Practical Guide for Macroeconomists," Finance and Economics Discussion Series 1997-03, Board of Governors of the Federal Reserve System (U.S.), revised 10 Dec 2019.
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    Citations

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    Cited by:

    1. Duca, John V. & Muellbauer, John & Murphy, Anthony, 2010. "Housing markets and the financial crisis of 2007-2009: Lessons for the future," Journal of Financial Stability, Elsevier, vol. 6(4), pages 203-217, December.
    2. Qiangbing Chen, 2009. "Why China Should Invest Its Foreign Exchange Reserves in the Major US Banks," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 17(4), pages 1-17, July.
    3. In't Veld, Jan & Raciborski, Rafal & Ratto, Marco & Roeger, Werner, 2011. "The recent boom-bust cycle: The relative contribution of capital flows, credit supply and asset bubbles," European Economic Review, Elsevier, vol. 55(3), pages 386-406, April.
    4. Morris GOLDSTEIN & Daniel XIE, 2009. "US Credit Crisis and Spillovers to Asia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 4(2), pages 204-222, December.
    5. Barry Bosworth & Aaron Flaaen, 2009. "America's Financial Crisis: The End of an Era," ADBI Working Papers 142, Asian Development Bank Institute.
    6. O'Brien, Martin & Whelan, Karl, 2014. "Changes in Bank Leverage: Evidence from US Bank Holding Companies," Research Technical Papers 01/RT/14, Central Bank of Ireland.
    7. William Miles, 2017. "Home Value and Equity Co-Movement: A Dynamic Approach for G-7 Countries," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 23(1), pages 51-71, January.
    8. Mohsen Bahmani-Oskooee & Seyed Hesam Ghodsi, 2018. "Asymmetric Causality between Unemployment Rate and House Prices in each State of the U.S," International Real Estate Review, Global Social Science Institute, vol. 21(1), pages 71-92.
    9. William Miles, 2020. "The Dynamics of House Prices and Income in the UK," International Real Estate Review, Global Social Science Institute, vol. 23(3), pages 397-416.
    10. Valipour Pasha, Mohammad & Arshadi, Ali, 2015. "Degree of Leverage Ratio Analysis in the Iranian Banking Network," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 10(2), pages 91-111, January.
    11. Robert Kollmann, 2010. "Banks and International Business Cycles," 2010 Meeting Papers 1058, Society for Economic Dynamics.
    12. Goel, Anand M. & Song, Fenghua & Thakor, Anjan V., 2014. "Correlated leverage and its ramifications," Journal of Financial Intermediation, Elsevier, vol. 23(4), pages 471-503.
    13. Marco Ratto & Werner Roeger & Jan in 't Veld, 2010. "Using a DSGE model to look at the recent boom-bust cycle in the US," European Economy - Economic Papers 2008 - 2015 397, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    14. Jose M. Berrospide & Rochelle M. Edge, 2010. "The Effects of Bank Capital on Lending: What Do We Know, and What Does It Mean?," CAMA Working Papers 2010-26, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    15. Miles, William & Zhu, Xiaoyang, 2023. "Housing and the changing impact of monetary policy," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 587-603.
    16. Magill, Michael & Quinzii, Martine, 2015. "Prices and investment with collateral and default," Journal of Economic Dynamics and Control, Elsevier, vol. 51(C), pages 111-132.
    17. William Miles, 2020. "The Dynamics of House Prices and Income in the UK," International Real Estate Review, Global Social Science Institute, vol. 23(3), pages 1023-1042.
    18. Balz, Enno, 2011. "Finanzmarktregulierung nach der Finanzmarktkrise: Vorschläge für eine Neuordnung der internationalen Finanzarchitektur," Study / edition der Hans-Böckler-Stiftung, Hans-Böckler-Stiftung, Düsseldorf, volume 127, number 255, May.

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