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Net Worth and Housing Equity in Retirement

Todd Sinai and Nicholas Souleles

in Recalibrating Retirement Spending and Saving

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199549108
eISBN:
9780191720734
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199549108.003.0004
Subject:
Business and Management, Pensions and Pension Management

This chapter documents the trends in the life-cycle profiles of net worth and housing equity of older persons. During the 1993-2004 period, older households' net worth rose significantly, yet net ... More


Dynamics of the Financial Crisis

Thomas H. Stanton

in Why Some Firms Thrive While Others Fail: Governance and Management Lessons from the Crisis

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199915996
eISBN:
9780199950324
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199915996.003.0002
Subject:
Economics and Finance, Financial Economics

Chapter 2 provides background on the financial crisis and how it evolved. There was an inflow of funds into the United States that compressed returns on investments. This made more risky investments ... More


House Price Moments in Boom-Bust Cycles

Todd Sinai

in Housing and the Financial Crisis

Published in print:
2013
Published Online:
January 2014
ISBN:
9780226030586
eISBN:
9780226030616
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226030616.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter describes empirical patterns in real house prices in the United States over the last three decades. It highlights six stylized facts. First, despite the sizable boom-bust pattern in ... More


Can Cheap Credit Explain the Housing Boom?

Edward L. Glaeser, Joshua D. Gottlieb, and Joseph Gyourko

in Housing and the Financial Crisis

Published in print:
2013
Published Online:
January 2014
ISBN:
9780226030586
eISBN:
9780226030616
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226030616.003.0008
Subject:
Economics and Finance, Financial Economics

This chapter examines the impact of interest rates on housing prices. It suggests that the impact of interest rates may be weaker than has been traditionally suggested by the asset market approach to ... More


International Capital Flows and House Prices: Theory and Evidence

Jack Favilukis, David Kohn, Sydney C. Ludvigson, and Stijn Van Nieuwerburgh

in Housing and the Financial Crisis

Published in print:
2013
Published Online:
January 2014
ISBN:
9780226030586
eISBN:
9780226030616
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226030616.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter examines the empirical relationship between house price changes and international capital flows, focusing on the boom-bust period in the housing market from 2000 to 2010. Foreign capital ... More


Has This Happened Before?

Matthew P. Drennan

in Income Inequality: Why It Matters and Why Most Economists Didn't Notice

Published in print:
2015
Published Online:
May 2016
ISBN:
9780300209587
eISBN:
9780300216349
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300209587.003.0007
Subject:
Political Science, Public Policy

Has rising income inequality or rising household debt or a housing price bubble played a role in serious economic decline in the past? Did a rising average propensity to consume, and thus a falling ... More


The Eurozone in the Global Financial Crisis

Charles Wyplosz

in The Global Financial Crisis and Asia: Implications and Challenges

Published in print:
2012
Published Online:
January 2013
ISBN:
9780199660957
eISBN:
9780191748981
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199660957.003.0003
Subject:
Economics and Finance, Financial Economics, South and East Asia

This chapter contrasts the United States (US) and European situations during the global financial and economic crisis and examines how much of the crisis has been imported by Europe from the US. The ... More


Wealth Accumulation, Ageing, and House Prices

Francesca Bastagli and John Hills

in Wealth in the UK: Distribution, Accumulation, and Policy

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199678303
eISBN:
9780191757594
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199678303.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics, Public and Welfare

This chapter uses BHPS data to investigate how households built up wealth between 1995 and 2005. According to theory, differences in wealth-holdings across households are influenced by the life-cycle ... More


The globalisation of the mortgage market

Stuart Lowe

in The Housing Debate

Published in print:
2011
Published Online:
May 2012
ISBN:
9781847422736
eISBN:
9781447305514
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781847422736.003.0007
Subject:
Sociology, Urban and Rural Studies

A revolution in global finance following bank liberalisation in the 1980s and the invention of new methods of bundling debts into bonds — through the process of securitization — enabled banks to ... More


A Spatial Look at Housing Boom and Bust Cycles

David Genesove and Lu Han

in Housing and the Financial Crisis

Published in print:
2013
Published Online:
January 2014
ISBN:
9780226030586
eISBN:
9780226030616
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226030616.003.0004
Subject:
Economics and Finance, Financial Economics

This chapter investigates spatial variations in prices over the boom-bust cycle of housing markets both within and across urban areas. It considers the role of a new supply proxy—commuting time–in ... More


Inflation Illusion, Credit, and Asset Prices

Monika Piazzesi and Martin Schneider

in Asset Prices and Monetary Policy

Published in print:
2008
Published Online:
February 2013
ISBN:
9780226092119
eISBN:
9780226092126
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226092126.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter considers the effect of inflation illusion on asset prices in a general equilibrium model with heterogeneous agents. The model predicts a nonmonotonic relationship between house ... More


House Prices in Denmark and Sweden

U. Michael Bergman, Bjørn Tangaa Sillemann, and Peter Birch Sørensen

in Reform Capacity and Macroeconomic Performance in the Nordic Countries

Published in print:
2015
Published Online:
March 2015
ISBN:
9780198717102
eISBN:
9780191785740
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198717102.003.0012
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter studies the housing market in Denmark and Sweden. While house prices in both countries increased substantially during the run-up to the current crisis, in Denmark the increases were ... More


Why Is Housing So Expensive?

Yue Chim Richard Wong

in Diversity and Occasional Anarchy: On Deep Economic and Social Contradictions in Hong Kong

Published in print:
2013
Published Online:
January 2014
ISBN:
9789888139446
eISBN:
9789888180349
Item type:
chapter
Publisher:
Hong Kong University Press
DOI:
10.5790/hongkong/9789888139446.003.0015
Subject:
Society and Culture, Asian Studies

According to the traditional point of view, demand for residential flats outstrips land supply because of high housing prices. Another viewpoint claims that housing prices soar because of an array of ... More


Crisis and Innovation in the Housing Economy: A Tale of Three Markets

Michael Haliassos

in Financial Innovation: Too Much or Too Little?

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018296
eISBN:
9780262305495
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018296.003.0004
Subject:
Economics and Finance, Financial Economics

It is generally agreed that the crises of the mid-2000s were triggered, in part, by the failures of financial innovation in the housing economy. In relation to the securitisation of mortgages, and ... More


Interest Rate, Inflation, and Housing Price: With an Emphasis on Chonsei Price in Korea

Dongchul Cho (ed.)

in Monetary Policy with Very Low Inflation in the Pacific Rim

Published in print:
2006
Published Online:
February 2013
ISBN:
9780226378978
eISBN:
9780226379012
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226379012.003.0010
Subject:
Economics and Finance, South and East Asia

This chapter describes the impact of a Korean housing institution mechanism known as chonsei. Monetary policy has a strong effect on the chonsei/housing price ratio, and the resulting implicit wealth ... More


Motivations for White Flight: The Role of Fiscal/Political Interactions

Leah Platt Boustan

in Competition in the Promised Land: Black Migrants in Northern Cities and Labor Markets

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691150871
eISBN:
9781400882977
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691150871.003.0006
Subject:
Economics and Finance, Economic History

This chapter compares the trajectory of housing prices in adjacent neighborhoods separated by a municipal border. In each of these pairs, one neighborhood is located within the city limits and the ... More


The Supply Side of the Housing Boom and Bust of the 2000s

Andrew Haughwout, Richard W. Peach, John Sporn, and Joseph Tracy

in Housing and the Financial Crisis

Published in print:
2013
Published Online:
January 2014
ISBN:
9780226030586
eISBN:
9780226030616
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226030616.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter focuses on supply side developments in the housing market. It addresses four key issues. First, how much excess housing production occurred during the boom phase of the cycle and how far ... More


Dispersion in House Price and Income Growth across Markets: Facts and Theories

Joseph Gyourko, Christopher Mayer, and Todd Sinai (eds)

in Agglomeration Economics

Published in print:
2010
Published Online:
February 2013
ISBN:
9780226297897
eISBN:
9780226297927
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226297927.003.0003
Subject:
Economics and Finance, Microeconomics

The growing dispersion in house price and income growth rates across metropolitan statistical areas is one of the most important stylized facts about metropolitan areas in America. This chapter sheds ... More


Postmortem for a Housing Crash

Edward L. Glaeser and Todd Sinai

in Housing and the Financial Crisis

Published in print:
2013
Published Online:
January 2014
ISBN:
9780226030586
eISBN:
9780226030616
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226030616.003.0001
Subject:
Economics and Finance, Financial Economics

This chapter begins with a brief review of how America's housing market crash damaged received wisdom about housing markets and housing policy as well as the portfolios of households and financial ... More


Measuring the Macroeconomic Risks Posed by Asset Price Booms

Stephen G. Cecchetti

in Asset Prices and Monetary Policy

Published in print:
2008
Published Online:
February 2013
ISBN:
9780226092119
eISBN:
9780226092126
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226092126.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines equity and housing price booms and crashes from a risk management perspective. Using equity price data from twenty seven countries and housing price data from seventeen ... More


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