Mortgage Defaults:
This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is calibrated to match U.S. data and accounts for non-targeted features of the data such as the distribution of down payments, the life-cycle profile of home ownership, and the mortgage de...
Gespeichert in:
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
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Schriftenreihe: | IMF Working Papers
Working Paper No. 12/26 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is calibrated to match U.S. data and accounts for non-targeted features of the data such as the distribution of down payments, the life-cycle profile of home ownership, and the mortgage default rate. The average coefficients that measure the agents'' ability to self-insure against income shocks are similar to those of a SIM model without housing but housing increases the values of these coefficients for younger agents. The response of consumption to house price shocks is minimal. The introduction of minimum down payments or income garnishment benefits a majority of the population |
Beschreibung: | 1 Online-Ressource (33 p) |
ISBN: | 1463932537 9781463932534 |
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indexdate | 2024-07-10T09:35:25Z |
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spelling | Martinez, Leonardo Verfasser aut Mortgage Defaults Martinez, Leonardo Washington, D.C International Monetary Fund 2012 1 Online-Ressource (33 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/26 This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is calibrated to match U.S. data and accounts for non-targeted features of the data such as the distribution of down payments, the life-cycle profile of home ownership, and the mortgage default rate. The average coefficients that measure the agents'' ability to self-insure against income shocks are similar to those of a SIM model without housing but housing increases the values of these coefficients for younger agents. The response of consumption to house price shocks is minimal. The introduction of minimum down payments or income garnishment benefits a majority of the population Online-Ausg Hatchondo, Juan Carlos Sonstige oth Sanchez, Juan M. Sonstige oth http://elibrary.imf.org/view/IMF001/12583-9781463932534/12583-9781463932534/12583-9781463932534.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Martinez, Leonardo Mortgage Defaults |
title | Mortgage Defaults |
title_auth | Mortgage Defaults |
title_exact_search | Mortgage Defaults |
title_exact_search_txtP | Mortgage Defaults |
title_full | Mortgage Defaults Martinez, Leonardo |
title_fullStr | Mortgage Defaults Martinez, Leonardo |
title_full_unstemmed | Mortgage Defaults Martinez, Leonardo |
title_short | Mortgage Defaults |
title_sort | mortgage defaults |
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