Iacoviello, Matteo; Pavan, Marina - Departament d'Economia, Universitat Jaume I - 2011
We study housing and debt in a quantitative general equilibrium model. In the cross-section, the model matches the wealth distribution, the age pro?les of homeownership and mortgage debt, and the frequency of housing adjustment. In the time-series, the model matches the procyclicality and...
