The DOI matches its Crossref record; 50 of the 50 references it cites were found in a registry or an index.
The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium
Abstract
This paper studies a quantitative general equilibrium model of housing. The model has two key elements not previously considered in existing quantitative macro studies of housing finance: aggregate business cycle risk and a realistic wealth distribution driven in the model by bequest heterogeneity in preferences. These features of the model play a crucial role in the following results. First, a relaxation of financing constraints leads to a large boom in house prices. Second, the boom in house prices is entirely the result of a decline in the housing risk premium. Third, low interest rates cannot explain high home values.
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Cites
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COCHRANE, J. H. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2011.01671.x · Cited by 2,201
The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis*
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Indivisible labor and the business cycle
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Campbell, J. Y., & Cocco, J. F. (2007) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2005.10.016 · Cited by 1,064
Understanding the Subprime Mortgage Crisis
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The Rate of Return on Everything, 1870–2015*
Jordà, Ò., Knoll, K., Kuvshinov, D., Schularick, M., & Taylor, A. M. (2019) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz012 · Cited by 579
Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program
Agarwal, S., Amromin, G., Ben-David, I., Chomsisengphet, S., Piskorski, T., & Seru, A. (2017) · Journal of Political Economy · doi:10.1086/691701 · Cited by 291
Who marries whom in a surging housing market?
Sun, A., & Zhang, Q. (2020) · Journal of Development Economics · doi:10.1016/j.jdeveco.2020.102492 · Cited by 34
House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data
Gorea, D., Kryvtsov, O., & Kudlyak, M. (2022) · doi:10.2139/ssrn.4188292 · Cited by 15
Can zoning reform reduce housing costs? Evidence from rents in Auckland
Greenaway‐McGrevy, R., & So, Y. (2026) · Economic Inquiry · doi:10.1111/ecin.70075
Metadata
- Authors
- Favilukis, J., Ludvigson, S. C., & Van Nieuwerburgh, S.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 2017-02
- Volume
- 125
- Issue
- 1
- Pages
- 140-223
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W3123831831
- Cited by
- 538
- References
- 50
- FWCI
- 85.12
- Type
- journal article
- Language
- en
- Open access
- closed
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- Favilukis, J., Ludvigson, S. C., & Van Nieuwerburgh, S. (2017). The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium. Journal of Political Economy. https://doi.org/10.1086/689606
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
