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Jorda, Oscar - 2015

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...

Persistent link: https://www.econbiz.de/10013030308

Speed 2.0 - Evaluating Access to Universal Digital Highways

Ahlfeldt, Gabriel M. - 2015

prices from variation that is plausibly exogenous. Applying this strategy to a micro data set from England between 1995 and …

Persistent link: https://www.econbiz.de/10013028792

The Great Mortgaging : Housing Finance, Crises, and Business Cycles

Jordà, Òscar - 2015

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10013032225

Cash Flow Duration and the Term Structure of Equity Returns

Weber, Michael - 2016

The term structure of equity returns is downward-sloping: stocks with high cash flow duration earn 1.10% per month … lower returns than short-duration stocks in the cross section. I create a measure of cash flow duration at the firm level … for short-sale constraints, and find the negative cross-sectional relationship between cash flow duration and returns is …

Persistent link: https://www.econbiz.de/10012981605

Market Externalities of Large Unemployment Insurance Extension Programs

Lalive, Rafael - 2013

unemployment duration and probability of long term unemployment decrease. These effects are the largest when the program intensity …

Persistent link: https://www.econbiz.de/10013075133

How Do Extended Benefits Affect Unemployment Duration? A Regression Discontinuity Approach

Lalive, Rafael - 2008

This paper studies a program that extends the maximum duration of unemployment benefits from 30 weeks to 209 weeks … regions to identify the effect of extended benefits on unemployment duration. Results indicate that the duration of job search … is prolonged by at least .09 weeks per additional week of benefits among men, whereas unemployment duration increases by …

Persistent link: https://www.econbiz.de/10012773812

Re-Examining the Decline in the US Saving Rate : The Impact of Mortgage Equity Withdrawal

Caporale, Guglielmo Maria - 2013

In this paper we examine the role of mortgage equity withdrawal in explaining the decline of the US saving rate, since when house prices rise and mortgage rates are low, homeowners have an incentive to withdraw housing equity and this may affect the saving rate. We estimate a Vector Error...

Persistent link: https://www.econbiz.de/10013090336

On the Cyclicity of Regional House Prices : New Evidence for U.S. Metropolitan Statistical Areas

Flor, Michael - 2015

This paper is mainly concerned with the analysis of regional house price cycles. Based on a newly available data set consisting of the 40 largest U.S. Metropolitan Statistical Areas (MSAs), we introduce a wavelet transform based metric to study the housing cycle synchronization across MSAs. We...

Persistent link: https://www.econbiz.de/10013017380

Social Networks and Housing Markets

Bailey, Michael - 2016

We document that the recent house price experiences within an individual's social network affect her perceptions of the attractiveness of property investments, and through this channel have large effects on her housing market activity. Our data combine anonymized social network information from...

Persistent link: https://www.econbiz.de/10012988967

Monetary Policy Transmission and House Prices : European Cross-Country Evidence

Carstensen, Kai - 2013

This paper explores the importance of housing and mortgage market heterogeneity in 12 European countries for the transmission of monetary policy. We use a panel VAR model which is estimated over the period 1995-2006 to generate impulse responses of key macroeconomic variables to a monetary...

Persistent link: https://www.econbiz.de/10013095720