To what extent did an expansion and contraction of credit drive the 2000s housing boom
and bust? The existing literature lacks consensus, with findings ranging from credit having …

Using a quantitative heterogeneous agents macro-housing model and detailed microdata,
this paper studies the drivers of the 2006–2011 housing bust, its spillovers to consumption …

We show that an estimated tractable 'buffer stock saving'model can match the 30-year
decline in the US saving rate leading up to 2007, the sharp increase during the Great …

This paper investigates the interrelationship between urbanization, structural transformation,
and the post-2000 Chinese housing boom through the lens of a dynamic spatial equilibrium …

We use a model of precautionary savings with housing and mortgages to study the effects of
a deleveraging shock on consumer spending. We focus on the deleveraging caused by a …

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 …

I study the role of investors in stabilizing housing markets during the Great Housing Bust.
Using transaction-level housing data, I distinguish between two types of investors that were …

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 …

We investigate how macroprudential policies intended to dampen rises in debt and house
prices are influenced by segmentation in the housing and mortgage market. We develop a …

The link between mortgage credit and the housing market is central to the objectives of
macroprudential policy. In this Note we describe the role that macroprudential policy plays in …