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Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession

Citations

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Cited by:

  1. R. Anton Braun & Daisuke Ikeda, 2025. "Monetary Policy Over the Lifecycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 56, April.
  2. Jerez, Belén, 2023. "Competitive search with two-sided risk aversion," European Economic Review, Elsevier, vol. 157(C).
  3. Allen Head & Huw Lloyd‐Ellis & Derek Stacey, 2023. "Heterogeneity, Frictional Assignment, And Home‐Ownership," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(3), pages 1265-1308, August.
  4. Sumit Agarwal & Shashwat Alok & Sergio Correia & Deepa Mani & Bernardo Morais, 2024. "Transportation Technology and Gentrification: Evidence from the entry of Ridesharing Services," Papers 2409.15462, arXiv.org.
  5. L. Rachel Ngai & Kevin D. Sheedy, 2024. "The Ins And Outs Of Selling Houses: Understanding Housing‐Market Volatility," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(3), pages 1415-1440, August.
  6. Adam M Guren & Timothy J McQuade, 2020. "How Do Foreclosures Exacerbate Housing Downturns?," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 87(3), pages 1331-1364.
  7. Charles Ka Yui Leung & Joe Cho Yiu Ng, 2018. "Macro Aspects of Housing," GRU Working Paper Series GRU_2018_016, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
  8. Martin Eichenbaum & Sergio Rebelo & Arlene Wong, 2022. "State-Dependent Effects of Monetary Policy: The Refinancing Channel," American Economic Review, American Economic Association, vol. 112(3), pages 721-761, March.
  9. Cumming, Fergus & Hubert, Paul, 2022. "House prices, the distribution of household debt and the refinancing channel of monetary policy," Economics Letters, Elsevier, vol. 212(C).
  10. S. Boragan Aruoba & Ronel Elul & Sebnem Kalemli Ozcan, 2022. "Housing Wealth and Consumption: The Role of Heterogeneous Credit Constraints," Working Papers 22-34, Federal Reserve Bank of Philadelphia.
  11. Kasper Kragh Balke & Markus Karlman & Karin Kinnerud, 2024. "Winners and Losers from Property Taxation," Working Papers 04/2024, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.
  12. Kartik B. Athreya & Ryan Mather & Jose Mustre-del-Rio & Juan M. Sanchez, 2019. "Consumption in the Great Recession: The Financial Distress Channel," Research Working Paper RWP 19-6, Federal Reserve Bank of Kansas City.
  13. Antonia Díaz & Belén Jerez & Juan Pablo Rincón-Zapatero, 2024. "Housing Prices and Credit Constraints in Competitive Search," The Economic Journal, Royal Economic Society, vol. 134(657), pages 220-270.
  14. Serdar Ozkan & Kurt Mitman & Fatih Karahan & Aaron Hedlund, 2016. "Monetary Policy, Heterogeneity and the Housing Channel," 2016 Meeting Papers 663, Society for Economic Dynamics.
  15. Carlos Garriga & Pedro Gete & Athena Tsouderou, 2023. "The economic effects of real estate investors," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(3), pages 655-685, May.
  16. Carlos Garriga & Aaron Hedlund & Yang Tang & Ping Wang, 2024. "Was China's Housing Boom a Bubble?," Review, Federal Reserve Bank of St. Louis, vol. 106(14), pages 1-15, December.
  17. Mérő, Bence & Borsos, András & Hosszú, Zsuzsanna & Oláh, Zsolt & Vágó, Nikolett, 2023. "A high-resolution, data-driven agent-based model of the housing market," Journal of Economic Dynamics and Control, Elsevier, vol. 155(C).
  18. Yunho Cho & James Morley & Aarti Singh, 2024. "Did marginal propensities to consume change with the housing boom and bust?," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 39(1), pages 174-199, January.
  19. Funke, Michael & Kirkby, Robert & Mihaylovski, Petar, 2018. "House prices and macroprudential policy in an estimated DSGE model of New Zealand," Journal of Macroeconomics, Elsevier, vol. 56(C), pages 152-171.
  20. Soyoung Lee, 2023. "The Macroeconomic Effects of Debt Relief Policies During Recessions," Staff Working Papers 23-48, Bank of Canada.
  21. Eunseong Ma & Sarah Zubairy, 2021. "Homeownership And Housing Transitions: Explaining The Demographic Composition," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(2), pages 599-638, May.
  22. Kartik B. Athreya & Ryan Mather & Jose Mustre-del-Rio & Juan M. Sanchez, 2020. "Household Financial Distress and the Burden of 'Aggregate' Shocks," Working Paper 20-12, Federal Reserve Bank of Richmond.
  23. Daniel Greenwald & Adam Guren, 2019. "Do Credit Conditions Move House Prices?," 2019 Meeting Papers 1334, Society for Economic Dynamics.
  24. Arigoni, Filippo & McCann, Fergal & Yao, Fang, 2022. "Mortgage credit and house prices: evidence to inform macroprudential policy," Financial Stability Notes 11/FS/22, Central Bank of Ireland.
  25. Leong, Soon Heng & Pellegrini, Carlo Bellavite & Urga, Giovanni, 2020. "The contribution of shadow insurance to systemic risk," Journal of Financial Stability, Elsevier, vol. 51(C).
  26. Hedlund, Aaron, 2016. "Illiquidity and its discontents: Trading delays and foreclosures in the housing market," Journal of Monetary Economics, Elsevier, vol. 83(C), pages 1-13.
  27. DeFusco, Anthony A. & Nathanson, Charles G. & Zwick, Eric, 2022. "Speculative dynamics of prices and volume," Journal of Financial Economics, Elsevier, vol. 146(1), pages 205-229.
  28. Alessandro Gavazza & Andrea Lanteri, 2021. "Credit Shocks and Equilibrium Dynamics in Consumer Durable Goods Markets [“Balladurette and Juppette: A Discrete Analysis of Scrapping Subsidies”]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(6), pages 2935-2969.
  29. Diamond, William & Landvoigt, Tim, 2022. "Credit cycles with market-based household leverage," Journal of Financial Economics, Elsevier, vol. 146(2), pages 726-753.
  30. Jaccard, Ivan, 2021. "Leveraged property cycles," Working Paper Series 2539, European Central Bank.
  31. Gabrovski, Miroslav & Kospentaris, Ioannis, 2021. "Intermediation in over-the-counter markets with price transparency," Journal of Economic Theory, Elsevier, vol. 198(C).
  32. Shihan Xie, 2025. "Monetary Policy Shocks and Local Housing Prices," International Journal of Central Banking, International Journal of Central Banking, vol. 21(3), pages 327-376, July.
  33. Genevieve Nelson, 2025. "Securitization and House Price Growth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 57, July.
  34. James Graham & Avish Sharma, 2024. "Monetary Policy and the Homeownership Rate," CAMA Working Papers 2024-43, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  35. Fiona Price & Benjamin Beckers & Gianni La Cava, 2019. "The Effect of Mortgage Debt on Consumer Spending: Evidence from Household-level Data," RBA Research Discussion Papers rdp2019-06, Reserve Bank of Australia.
  36. Cho, Yunho & Morley, James & Singh, Aarti, 2019. "Marginal propensities to consume before and after the Great Recession," Working Papers 2019-11, University of Sydney, School of Economics, revised Sep 2021.
  37. Kartik B. Athreya & Ryan Mather & Jose Mustre-del-Rio & Juan M. Sanchez, 2019. "The Effects of Macroeconomic Shocks: Household Financial Distress Matters," Working Papers 2019-025, Federal Reserve Bank of St. Louis, revised 11 Sep 2023.
  38. Adrian Carro, 2022. "Could Spain be less different? Exploring the effects of macroprudential policy on the house price cycle," Working Papers 2230, Banco de España.
  39. repec:osf:socarx:p59te_v1 is not listed on IDEAS
  40. Miroslav Gabrovski & Victor Ortego-Marti, 2025. "Home Construction Financing and Search Frictions in the Housing Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 55, January.
  41. Murphy, Daniel, 2024. "Housing cycles and gentrification," Journal of Monetary Economics, Elsevier, vol. 144(C).
  42. Cumming, Fergus, 2022. "Mortgage cash-flows and employment," European Economic Review, Elsevier, vol. 144(C).
  43. De Bonis, Riccardo & Liberati, Danilo & Muellbauer, John & Rondinelli, Concetta, 2023. "Why net worth is the wrong concept for explaining consumption: evidence from Italy," CEPR Discussion Papers 18597, C.E.P.R. Discussion Papers.
  44. Bill Dupor & Rong Li & M. Saif Mehkari & Yi-Chan Tsai, 2018. "The 2008 U.S. Auto Market Collapse," Working Papers 2018-19, Federal Reserve Bank of St. Louis.
  45. Hedlund, Aaron & Larkin, Kieran & Mitman, Kurt & Ozkan, Serdar, 2025. "Mortgage Market Structure and the Transmission of Monetary Policy During the Great Inflation," IZA Discussion Papers 17971, Institute of Labor Economics (IZA).
  46. Miroslav Gabrovski & Victor Ortego-Marti, 2024. "On the slope of the Beveridge curve in the housing market," Economics Bulletin, AccessEcon, vol. 44(3), pages 948-960.
  47. Du Caju, Philip & Périlleux, Guillaume & Rycx, François & Tojerow, Ilan, 2021. "A Bigger House at the Cost of an Empty Fridge? The Effect of Households' Indebtedness on Their Consumption: Micro-Evidence Using Belgian HFCS Data," GLO Discussion Paper Series 799, Global Labor Organization (GLO).
  48. Gamber, William & Graham, James & Yadav, Anirudh, 2023. "Stuck at home: Housing demand during the COVID-19 pandemic," Journal of Housing Economics, Elsevier, vol. 59(PB).
  49. Chuanyong Zhang & Guoliang Feng, 2018. "More wealth, less leisure? Effect of housing wealth on tourism expenditure in China," Tourism Economics, , vol. 24(5), pages 526-540, August.
  50. Miroslav Gabrovski & Victor Ortego-Marti, 2021. "Efficiency in the Housing Market with Search Frictions," Working Papers 202108, University of California at Riverside, Department of Economics.
  51. Miroslav Gabrovski & Ioannis Kospentaris & Lucie Lebeau, 2024. "The Macroeconomics of Labor, Credit and Financial Market Imperfections," Working Papers 2409, Federal Reserve Bank of Dallas.
  52. Charles Ka Yui LEUNG, 2022. "Housing and Macroeconomics," ISER Discussion Paper 1197, Institute of Social and Economic Research, The University of Osaka.
  53. Miroslav Gabrovski & Victor Ortego-Marti, 2021. "On the Positive Slope of the Beveridge Curve in the Housing Market," Working Papers 202113, University of California at Riverside, Department of Economics.
  54. Carlos Garriga & Lowell R. Ricketts & Don E. Schlagenhauf, 2017. "The Homeownership Experience of Minorities During the Great Recession," Review, Federal Reserve Bank of St. Louis, vol. 99(1), pages 139-167.
  55. Rongsheng Tang & Yang Tang & Rongjie Zhang, 2024. "The Aggregate and Distributional Impacts of Residence Policy Relaxation," The Journal of Real Estate Finance and Economics, Springer, vol. 69(2), pages 343-376, August.
  56. Pedro Gete & Athena Tsouderou & Susan M. Wachter, 2024. "Climate risk in mortgage markets: Evidence from Hurricanes Harvey and Irma," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(3), pages 660-686, May.
  57. Egan, Paul & McQuinn, Kieran, 2023. "Monetary tightening in the Euro Area: Implications for residential investment," Papers WP767, Economic and Social Research Institute (ESRI).
  58. Randall Wright & Philipp Kircher & Benoit Julîen & Veronica Guerrieri, 2017. "Directed Search: A Guided Tour," NBER Working Papers 23884, National Bureau of Economic Research, Inc.
  59. Gabrovski, Miroslav & Ortego-Marti, Victor, 2021. "Search and credit frictions in the housing market," European Economic Review, Elsevier, vol. 134(C).
  60. Laura Bakkensen & Toan Phan & Russell Wong, 2023. "Leveraging the Disagreement on Climate Change: Theory and Evidence," Working Paper 23-01, Federal Reserve Bank of Richmond.
  61. R. Anton Braun & Daisuke Ikeda, 2025. "Monetary Policy Over the Lifecycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 56, April.
  62. Nuno Paixao, 2019. "Propagation of House Price Shocks through the Banking System," 2019 Meeting Papers 1237, Society for Economic Dynamics.
  63. Riccardo De Bonis & Danilo Liberati & John Muellbauer & Concetta Rondinelli, 2020. "Consumption and wealth: new evidence from Italy," Temi di discussione (Economic working papers) 1304, Bank of Italy, Economic Research and International Relations Area.
  64. Peter Ganong & Pascal J. Noel, 2020. "Why Do Borrowers Default on Mortgages?," NBER Working Papers 27585, National Bureau of Economic Research, Inc.
  65. Xiaoqing Zhou, 2022. "Mortgage borrowing and the boom-bust cycle in consumption and residential investment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 44, pages 244-268, April.
  66. Haroon Mumtaz & Roman Sustek, 2023. "Global house prices since 1950," Discussion Papers 2307, Centre for Macroeconomics (CFM).
  67. Antonia Díaz, 2024. "Credit and Inventories in Illiquid Housing Markets," Documentos de Trabajo del ICAE 2024-04, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
  68. Roman Sustek, 2022. "A Back-of-the-Envelope Analysis of House Prices: Czech Republic, 2013-2021," CERGE-EI Working Papers wp737, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
  69. Josue Cox & Sydney C. Ludvigson, 2018. "Drivers of the Great Housing Boom-Bust: Credit Conditions, Beliefs, or Both?," NBER Working Papers 25285, National Bureau of Economic Research, Inc.
  70. Andrea Camilli & Marta Giagheddu, 2020. "Public debt and crowding-out: the role of housing wealth," Working Papers 441, University of Milano-Bicocca, Department of Economics, revised Oct 2020.
  71. William Diamond & Tim Landvoigt, 2019. "Credit Cycles with Market Based Household Leverage," 2019 Meeting Papers 162, Society for Economic Dynamics.
  72. Carro, Adrian, 2023. "Taming the housing roller coaster: The impact of macroprudential policy on the house price cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 156(C).
  73. John Muellbauer, 2024. "Housing and Macroprudential Policy," Economics Series Working Papers 1056, University of Oxford, Department of Economics.
  74. Carlos Garriga & Aaron Hedlund, 2018. "Housing Finance, Boom-Bust Episodes, and Macroeconomic Fragility," 2018 Meeting Papers 354, Society for Economic Dynamics.
  75. Josue Cox & Sydney C. Ludvigson, 2021. "Drivers of the great housing boom‐bust: Credit conditions, beliefs, or both?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(3), pages 843-875, September.
  76. Pavel Krivenko, 2018. "Unemployment and the US housing market during the Great Recession," 2018 Meeting Papers 579, Society for Economic Dynamics.
  77. Krivenko, Pavel, 2023. "The Role of Moving Shocks, Unemployment, and Policy in Understanding Housing Bust," Journal of Banking & Finance, Elsevier, vol. 154(C).
  78. Xiaoqing Zhou, 2022. "Mortgage borrowing and the boom-bust cycle in consumption and residential investment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 44, pages 244-268, April.
  79. Head, Allen & Sun, Hongfei & Zhou, Chenggang, 2023. "Indebted sellers, liquidity and mortgage standards," European Economic Review, Elsevier, vol. 151(C).
  80. Miroslav Gabrovski & Ioannis Kospentaris & Victor Ortego-Marti, 2024. "Endogenous Realtor Intermediation and Housing Market Liquidity," Working Papers 202410, University of California at Riverside, Department of Economics.
  81. Roman Sustek, 2021. "A back-of-the-envelope analysis of house prices: Czech Republic, 2013-2021," Discussion Papers 2120, Centre for Macroeconomics (CFM).
  82. Nuno Paixao, 2018. "Housing Prices and Consumer Spending: The Bank Balance Sheet Channel," 2018 Meeting Papers 1017, Society for Economic Dynamics.
  83. Peter Ganong & Pascal J. Noel, 2020. "Why Do Borrowers Default on Mortgages? A New Method For Causal Attribution," Working Papers 2020-100, Becker Friedman Institute for Research In Economics.
  84. Ong, Rachel & Graham, James & Cigdem, Melek & Phelps, Christopher & Whelan, Stephen, 2023. "Financing first home ownership: modelling policy impacts at market and individual levels," SocArXiv p59te, Center for Open Science.
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