Housing and the Macroeconomy: The Role of Implicit Guarantees for Government Sponsored Enterprises
This paper deals with the macroeconomic effects of government guarantees on debt issued by Government-Sponsored Enterprises. We set up an economy with a housing and mortgage market where the government provides banks with insurance against aggregate shocks to mortgage default risk. We then study the aggregate and distributional effects coming from this subsidy
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- Satyajit Chatterjee & Dean Corbae & Makoto Nakajima & Jose-Victor Rios-Rull, 2007.
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