There is a relatively recent, growing recognition about the importance of the interactive
nexus between and among housing markets and the macroeconomy. This paper provides a …

We build a model of the US economy with multiple aggregate shocks that generate
fluctuations in equilibrium house prices. Through counterfactual experiments, we study the …

Borrowing against the increase in home equity by existing homeowners was responsible for
a significant fraction of the rise in US household leverage from 2002 to 2006 and the …

We estimate how households trade off immediate costs and uncertain future benefits that
occur in the very long run, 100 or more years away. We exploit a unique feature of housing …

How much of the foreclosure crisis can be explained by the large number of high-leverage
mortgages originated during the housing boom? In our model, heterogeneous households …

In this chapter, we review and discuss the large body of research that has developed over
the past 10-plus years that explores the interconnection of macroeconomics, finance, and …

In this paper we investigate whether a standard life-cycle model in which households
purchase nondurable consumption and consumer durables and face idiosyncratic income …

In an influential paper, Mian, Rao, and Sufi (2013) exploit geographic variation to measure
the effect of the fall in housing net worth on household expenditures during the Great …

This article accounts for the boom in homeownership from 1994 to 2005 by examining the
roles of demographic changes and mortgage innovations. To measure the impact of these …

We present a model of long-duration collateralized debt with risk of default. Applied to the
housing market, it can match the homeownership rate, the average foreclosure rate, and the …