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The Missing Homebuyers: Regional Heterogeneity and Credit Contractions
The Review of Financial Studies ( IF 8.414 ) Pub Date : 2022-10-19 , DOI: 10.1093/rfs/hhac077
Pierre Mabille

This paper documents an unprecedented decrease in young homeownership since the Great Recession driven by regions with high house prices. Using a panel of U.S. metro areas, I calibrate an equilibrium spatial macro-finance model with overlapping generations of mobile households. The dynamics of regional housing markets is explained by an aggregate credit contraction with heterogeneous local impacts rather than by local shocks. Lower millennial income and wealth amplify its effect. The impact of subsidies to first-time buyers is dampened, because they fail to stimulate regions that suffer from larger busts. Place-based subsidies achieve larger gains.

中文翻译:

失踪的购房者:区域异质性和信贷收缩

本文记录了自大萧条以来,在高房价地区的推动下,年轻的住房拥有率出现了前所未有的下降。使用一组美国都会区,我校准了具有重叠几代移动家庭的均衡空间宏观金融模型。区域住房市场的动态可以通过具有不同地方影响的总体信贷收缩来解释,而不是通过地方冲击来解释。较低的千禧一代收入和财富会放大其影响。补贴对首次购房者的影响受到抑制,因为它们未能刺激遭受更大萧条的地区。地方补贴收益较大。
更新日期:2022-10-19
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