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Jobless Recovery and Household Finan...

Luo, Guannan.

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Jobless Recovery and Household Finance in Business Cycles.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Jobless Recovery and Household Finance in Business Cycles./
Author:	Luo, Guannan.
Description:	291 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-02(E), Section: A.
Contained By:	Dissertation Abstracts International76-02A(E).
Subject:	Finance. -
Online resource:	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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035 $a (MiAaPQ)AAI3638241
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100 1 $a Luo, Guannan. $3 3182704
245 1 0 $a Jobless Recovery and Household Finance in Business Cycles.
300 $a 291 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-02(E), Section: A.
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.
590 $a School code: 0163.
650 4 $a Finance. $3 542899
650 4 $a Commerce-Business. $3 3168423
690 $a 0508
690 $a 0505
710 2 $a Northwestern University. $b Economics. $3 1020895
773 0 $t Dissertation Abstracts International $g 76-02A(E).
790 $a 0163
791 $a Ph.D.
792 $a 2014
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3638241