The DOI matches its Crossref record; 54 of the 54 references it cites were found in a registry or an index.
Household Risk Management and Optimal Mortgage Choice
Open accessAbstract
This paper asks how a household should choose between a fixed-rate (FRM) and an adjustable-rate (ARM) mortgage. In an environment with uncertain inflation a nominal FRM has a risky real capital value, whereas an ARM has a stable real capital value but short-term variability in required real payments. Numerical solution of a life-cycle model with borrowing constraints and income risk shows that an ARM is generally attractive, but less so for a risk-averse household with a large mortgage, risky income, high default cost, or low moving probability. An inflation-indexed FRM can improve substantially on standard nominal mortgages.
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Cites
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An Intertemporal Capital Asset Pricing Model
Merton, R. C. (1973) · Econometrica · doi:10.2307/1913811 · Cited by 6,508
The Econometrics of Financial Markets
Campbell, J. Y., Lo, A. W., & MacKinlay, A. C. (2012) · Princeton University Press eBooks · doi:10.2307/j.ctt7skm5 · Cited by 5,875
Self-citationThe Econometrics of Financial Markets
Campbell, J. Y., Lo, A. W., & MacKinlay, A. C. (1997) · doi:10.1515/9781400830213 · Cited by 5,008
Self-citationMonetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*
Clarida, R., Gali, J., & Gertler, M. (2000) · Quarterly Journal of Economics · doi:10.1162/003355300554692 · Cited by 4,625
The journal of financial economics
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The Conditional CAPM and the Cross‐Section of Expected Returns
JAGANNATHAN, R., & WANG, Z. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05201.x · Cited by 2,535
Consumption Over the Life Cycle
Gourinchas, P.-O., & Parker, J. A. (2002) · Econometrica · doi:10.1111/1468-0262.00269 · Cited by 1,781
Yield Spreads and Interest Rate Movements: A Bird's Eye View
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Self-citationThe Efficiency of the Market for Single-Family Homes
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Cited by
Understanding the Subprime Mortgage Crisis
Demyanyk, Y., & Van Hemert, O. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhp033 · Cited by 989
Owner-Occupied Housing and the Composition of the Household Portfolio
Flavin, M., & Yamashita, T. (2002) · American Economic Review · doi:10.1257/000282802760015775 · Cited by 832
Household Finance: An Emerging Field
Guiso, L., & Sodini, P. (2013) · Handbook of the Economics of Finance · doi:10.1016/b978-0-44-459406-8.00021-4 · Cited by 437
Gomes, F., Haliassos, M., & Ramadorai, T. (2021) · Journal of Economic Literature · doi:10.1257/jel.20201461 · Cited by 396
Numerical ability predicts mortgage default
Gerardi, K., Goette, L., & Meier, S. (2013) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.1220568110 · Cited by 323
Metadata
- Authors
- Campbell, J. Y., & Cocco, J. F.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2003-11-01
- Volume
- 118
- Issue
- 4
- Pages
- 1449-1494
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W3123997365
- Cited by
- 641
- References
- 54
- FWCI
- 31.81
- Type
- journal article
- Language
- en
- Open access
- bronze
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Data sources
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.
