Using a model with housing search, endogenous credit constraints, and mortgage default, this paper accounts for the housing crash from 2006 to 2011 and its implications for aggregate and cross-sectional consumption during the Great Recession. Left tail shocks to labor market uncertainty and tighter down payment requirements emerge as the key drivers. An endogenous decline in housing liquidity amplifies the recession by increasing foreclosures, contracting credit, and depressing consumption. Balance sheets act as a transmission mechanism from housing to consumption that depends on gross portfolio positions and the leverage distribution. Low interest rate policies accelerate the recovery in housing and consumption.

中文翻译：

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经济大萧条中的抵押债务，消费和住房市场低迷

本文使用具有住房搜索，内生信贷约束和抵押违约的模型，说明了2006年至2011年的房屋崩盘及其对大萧条期间总和横断面消费的影响。导致劳动力市场不确定性的左尾冲击和更严格的首付要求成为主要驱动力。住房流动性的内生性下降通过丧失抵押品赎回权的增加，信贷紧缩和消费下降而加剧了经济衰退。资产负债表是从住房到消费的传递机制，它取决于投资组合的总头寸和杠杆分布。低利率政策加速了住房和消费的复苏。