We exploit variation in mortgage modifications to disentangle the impact of reducing long-
term obligations with no change in short-term payments (“wealth”), and reducing short-term …

This paper quantitatively assesses distributional effects of monetary policy. We use a life
cycle model with housing to compute the response of the US household sector to an …

We investigate the role of housing and mortgage debt in the transmission and effectiveness
of monetary policy. First, monetary policy induced-movements in house prices translate into …

The evolution of wealth inequality over the long run depends on income growth, inflation,
and interest rates. In this paper, we examine, in a dynamic setting, the effect of these three …

There has been much interest recently in the role of household long-term, mortgage, debt in
the transmission of monetary policy. This paper offers a tractable framework that integrates …

Using detailed micro data at the ZIP code level, this article explores the regional variation in
housing market performance to account for the severity of the Great Recession. The …

Standard models used for monetary policy analysis rely on sticky prices. Recently, the
literature started to explore also nominal debt contracts. Focusing on mortgages, this paper …

The global financial crisis of the past decade has shaken the research and policy worlds out
of their belief that housing markets are mostly benign and immaterial for understanding …

A simple practical method for quantitative analysis of house prices is proposed. Similar to
consumer theory, housing demand is decomposed into changes in income and a relative …

There has been much interest recently in the role of household long-term, mortgage, debt in
the transmission of monetary policy. This paper offers a tractable framework that integrates …