Against the background of continued growth disappointments, depressed inflation
expectations, and declining real equilibrium interest rates, a number of central banks have …

We use duration analysis to assess the impact of securitization, mortgage sector
liberalization and government involvement in housing finance on the length of housing …

We analyse macroprudential and monetary policies and their interactions using an
estimated dynamic stochastic general equilibrium (DSGE) model tailored to New Zealand …

We analyze the removal of the credit-risk guarantees provided by the government-
sponsored enterprises (GSEs) in a model with agents heterogeneous in income and house …

The macroeconomic effects of housing illiquidity are analyzed using a novel directed search
model of housing with long-term debt and default. Debt overhang emerges when highly …

Fannie Mae and Freddie Mac, the two large government-sponsored enterprises (GSEs) that
are at the center of US residential mortgage finance, are “elephants in the room” that are …

Can shifts in the credit supply generate a boom-bust cycle similar to the one observed in the
US around 2008? To answer this question, we develop a general equilibrium model that …

Mortgage interest deductions and other homeownership subsidies are widely believed to be
harmful because they redistribute resources from lower-income renters to higher-income …

Before the global financial crisis, the proportion of households defaulting on the mortgage
while remaining current on the unsecured loan was almost the same as the proportion of …

How does housing—an important asset for many households—affect the design of optimal
wealth taxes? I analyze the macroeconomic and distributional consequences of wealth …