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Jobless Recovery and Household Finan...

Luo, Guannan.

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Jobless Recovery and Household Finance in Business Cycles.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Jobless Recovery and Household Finance in Business Cycles./
作者:	Luo, Guannan.
面頁冊數:	291 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-02(E), Section: A.
Contained By:	Dissertation Abstracts International76-02A(E).
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3638241
ISBN:	9781321217759

Jobless Recovery and Household Finance in Business Cycles.
Luo, Guannan.

Jobless Recovery and Household Finance in Business Cycles. - 291 p.

Source: Dissertation Abstracts International, Volume: 76-02(E), Section: A.

Thesis (Ph.D.)--Northwestern University, 2014.

This dissertation studies how the availability of information for banks or policy makers affects market efficiency. I first demonstrate that credit reporting--banks observing households' default histories--can cause a slow jobless recovery from mortgage crises, such as the 2007 Great Recession in the United States. I am the first to show that when households' credit histories become observable, the credit market is more efficient during normal times but less efficient during credit crunches. The housing prices and employment rates fluctuate and stay low for a long time after banks' liquidity is tightened. Increasing banks' liquidity can accelerate recovery only if the crisis has a long duration. I then focus on problems of investors' life-cycle portfolio management and investigate the effect of asymmetric information on public housing. My models indicate that credit market frictions play an important role in both unemployment and investment, and that adverse selection in public housing policies strongly reduces the welfare of people in financial need.

ISBN: 9781321217759Subjects--Topical Terms:

542899
Finance.

Jobless Recovery and Household Finance in Business Cycles.
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500 $a Adviser: Dale T. Mortensen.
502 $a Thesis (Ph.D.)--Northwestern University, 2014.
520 $a This dissertation studies how the availability of information for banks or policy makers affects market efficiency. I first demonstrate that credit reporting--banks observing households' default histories--can cause a slow jobless recovery from mortgage crises, such as the 2007 Great Recession in the United States. I am the first to show that when households' credit histories become observable, the credit market is more efficient during normal times but less efficient during credit crunches. The housing prices and employment rates fluctuate and stay low for a long time after banks' liquidity is tightened. Increasing banks' liquidity can accelerate recovery only if the crisis has a long duration. I then focus on problems of investors' life-cycle portfolio management and investigate the effect of asymmetric information on public housing. My models indicate that credit market frictions play an important role in both unemployment and investment, and that adverse selection in public housing policies strongly reduces the welfare of people in financial need.
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