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On Housing and Macroeconomics: Lesso...

Graham, James.

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On Housing and Macroeconomics: Lessons from the Boom and Bust.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	On Housing and Macroeconomics: Lessons from the Boom and Bust./
作者:	Graham, James.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2020,
面頁冊數:	201 p.
附註:	Source: Dissertations Abstracts International, Volume: 82-02, Section: B.
Contained By:	Dissertations Abstracts International82-02B.
標題:	Home economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27828866
ISBN:	9798662486379

On Housing and Macroeconomics: Lessons from the Boom and Bust.
Graham, James.

On Housing and Macroeconomics: Lessons from the Boom and Bust. - Ann Arbor : ProQuest Dissertations & Theses, 2020 - 201 p.

Source: Dissertations Abstracts International, Volume: 82-02, Section: B.

Thesis (Ph.D.)--New York University, 2020.

This item must not be sold to any third party vendors.

In this Thesis, I study the role that the housing market plays in the macroeconomy by drawing lessons from the mid-2000s housing boom and bust. I first study the effect of fluctuations in local house prices on household expenditures. A popular instrumental variables strategy for estimating the effect of prices on expenditure uses cross-sectional variation in local housing supply elasticities from Saiz (2010). I introduce an alternative Bartik instrument for house prices, which consists of the interaction between local house characteristics and changes in the marginal prices of those characteristics. Using the instrument, I estimate consumption elasticities of 0.10 to 0.15, corresponding to an MPC out of housing wealth of 1.2 to 1.8 cents in the dollar. This new Bartik instrument is robust to a range of possible confounding factors, while housing supply instruments are not.I then study the extent to which housing investors helped to stabilize housing markets during the Great Housing Bust of the mid-2000s. Following a contraction in mortgage credit, investors substitute for falling homeowner demand, which helps to dampen declines in house prices. However, the strength of this channel depends on the characteristics of investors themselves. While corporate investors behave like deep-pocketed buyers, household investors rely on mortgage credit to finance their purchases. Using both empirical analysis and a structural model of the housing market, I show that corporate investment activity is associated with significantly smaller house price declines than is household investment activity. I argue that this is because household investors require larger housing returns given greater sensitivity to credit conditions, the illiquidity of housing assets, and losses on primary property wealth.

ISBN: 9798662486379Subjects--Topical Terms:

551902
Home economics.
Subjects--Index Terms:

House prices

On Housing and Macroeconomics: Lessons from the Boom and Bust.
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500 $a Source: Dissertations Abstracts International, Volume: 82-02, Section: B.
500 $a Advisor: Gilchrist, Simon.
502 $a Thesis (Ph.D.)--New York University, 2020.
506 $a This item must not be sold to any third party vendors.
520 $a In this Thesis, I study the role that the housing market plays in the macroeconomy by drawing lessons from the mid-2000s housing boom and bust. I first study the effect of fluctuations in local house prices on household expenditures. A popular instrumental variables strategy for estimating the effect of prices on expenditure uses cross-sectional variation in local housing supply elasticities from Saiz (2010). I introduce an alternative Bartik instrument for house prices, which consists of the interaction between local house characteristics and changes in the marginal prices of those characteristics. Using the instrument, I estimate consumption elasticities of 0.10 to 0.15, corresponding to an MPC out of housing wealth of 1.2 to 1.8 cents in the dollar. This new Bartik instrument is robust to a range of possible confounding factors, while housing supply instruments are not.I then study the extent to which housing investors helped to stabilize housing markets during the Great Housing Bust of the mid-2000s. Following a contraction in mortgage credit, investors substitute for falling homeowner demand, which helps to dampen declines in house prices. However, the strength of this channel depends on the characteristics of investors themselves. While corporate investors behave like deep-pocketed buyers, household investors rely on mortgage credit to finance their purchases. Using both empirical analysis and a structural model of the housing market, I show that corporate investment activity is associated with significantly smaller house price declines than is household investment activity. I argue that this is because household investors require larger housing returns given greater sensitivity to credit conditions, the illiquidity of housing assets, and losses on primary property wealth.
590 $a School code: 0146.
650 4 $a Home economics. $3 551902
653 $a House prices
653 $a Housing
653 $a Housing investment
653 $a Instrumental variables
653 $a Macroeconomics
653 $a Mortgage credit
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690 $a 0386
710 2 0 $a New York University. $b Economics. $3 1032403
773 0 $t Dissertations Abstracts International $g 82-02B.
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792 $a 2020
793 $a English
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