Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession
通过定量异质性主体宏观住房模型和微观数据，研究2006-2011年住房市场崩盘的驱动因素、对消费和信贷市场的溢出效应，以及抵押贷款利率干预能否加速复苏。
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 and the credit market, and the ability of mortgage rate interventions to accelerate the recovery. The model features tenure choice between owning and renting, rich portfolio choice, long-term defaultable mortgages, and endogenously illiquid housing from search frictions. The equilibrium analysis and empirical evidence suggest that the deterioration in house prices and liquidity, transmitted to consumption via balance sheets that vary in composition and depth, is central to explaining the observed aggregate and cross-sectional patterns.