Aller au contenu principal
A propos d'HEC A propos d'HEC Faculté et Recherche Faculté et Recherche Grande Ecole
& Masters Grande Ecole
& Masters
MBA Programs MBA Programs Programme PhD Programme PhD Executive Education Executive Education Summer School Summer School HEC Online HEC Online
A propos d'HEC En bref En bref Qui sommes-nous ? Qui sommes-nous ? Egalité des chances Egalité des chances Centre Carrières Centre Carrières International International Vie du campus Vie du campus Stories Stories Fondation HEC Fondation HEC Coronavirus Coronavirus Faculté et Recherche À propos À propos Corps professoral Corps professoral Départements Départements Centres Centres Chaires Chaires Knowledge Knowledge Grande Ecole
& Masters
Programme
Grande Ecole Programme
Grande Ecole
MSc International
Finance MSc International
Finance
MS et MSc MS et MSc Programmes
X-HEC Programmes
X-HEC
Doubles Diplômes
en Admission directe Doubles Diplômes
en Admission directe
Visiting
students Visiting
students
Certificats Certificats Vie
Etudiante Vie
Etudiante
Student
Stories Student
Stories
MBA Programs MBA MBA Executive MBA Executive MBA TRIUM EMBA TRIUM EMBA Programme PhD Overview Overview HEC Difference HEC Difference Program details Program details Research areas Research areas HEC Community HEC Community Placement Placement Job Market Job Market Admissions Admissions Financing Financing Executive Education Executive Mastères Executive Mastères Certificats Executive Certificats Executive Programmes courts Executive Programmes courts Executive Online Online Formez vos équipes Formez vos équipes Executive MBA Executive MBA Summer School Summer programs Summer programs Youth Leadership Initiative Youth Leadership Initiative Admissions Admissions FAQ FAQ HEC Online En bref En bref Programme diplômant Programme diplômant Certificats Executive Certificats Executive MOOCs MOOCs
Faculté et Recherche

The Missing Home Buyers: Regional Heterogeneity and Credit Contractions - Pierre Mabille

24 sep
2020
11H15
Jouy-en-Josas
Anglais

Participer

Ajouter au calendrier
2020-09-24T11:15:00 2020-09-24T12:15:00 The Missing Home Buyers: Regional Heterogeneity and Credit Contractions - Pierre Mabille Finance Speaker : Pierre Mabille Videoconference Jouy-en-Josas

Finance

Speaker : Pierre Mabille

Videoconference

This paper studies how delayed home ownership from young buyers affects the transmission of shocks to housing markets. Using a panel of U.S. metro areas, I show that mortgage originations to young buyers have decreased more in regions with higher house prices over the past 15 years, despite credit standards changing mostly nationally. I develop and calibrate a regional business cycle model of the cross-section of housing markets consistent with these facts. Young buyers have more debt, and credit constraints bind more in high-price regions. Therefore, an aggregate tightening of loan-to-value and payment-to-income requirements generates heterogeneous local responses in home ownership and prices. This mechanism explains 86% of the cross-sectional differences in originations and 50% of the differences in house price declines in 2007-12. Regional heterogeneity dampens the effect of subsidies like the First-Time Homebuyer Credit, because they fail to stimulate high-price regions which suffer the largest busts. Credit relaxation policies achieve larger stimulus and welfare gains. 

 

Cliquez ici pour télécharger le papier

 

Participer

Ajouter au calendrier
2020-09-24T11:15:00 2020-09-24T12:15:00 The Missing Home Buyers: Regional Heterogeneity and Credit Contractions - Pierre Mabille Finance Speaker : Pierre Mabille Videoconference Jouy-en-Josas