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Tenure Choices, Housing Prices and Mortgage Default in Dynamic Models of the Housing Market.

机译:住房市场动态模型中的任期选择,住房价格和抵押违约。

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摘要

In the following dissertation our goal is to address two different issues. First we want to bridge the gap between the existing literature in housing, that fails to fully integrate the asset side of housing, and the literature on asset pricing, that overlooks housing. We develop and solve two two-period, Overlapping Generations general equilibrium models with endogenous housing prices and savings in which consumers also make decisions regarding their tenure (owning versus renting). With these models we can effectively explain how changes in various exogenous parameters will affect housing prices and tenure choices and gain better intuition on how these changes will be related to changes in the market interest rate. Second, we contribute to the theoretical approach of mortgage defaults by extending the Anas [1995] model while maintaining several elements of the framework we developed in the first part of the dissertation. Assuming uncertainty regarding future housing prices, we investigate the effects of parameters such as interest rates, home equity levels, housing prices and income on mortgage rates and the default decisions of home owners.
机译:在下面的论文中,我们的目标是解决两个不同的问题。首先,我们要弥合现有的住房文献(不能完全整合住房的资产方面)与资产定价的文献(忽略住房)之间的差距。我们用内生的房价和储蓄来开发和求解两个两个时期的“重叠世代”一般均衡模型,消费者也可以根据这些模型来决定他们的任期(所有权与租金)。通过这些模型,我们可以有效地解释各种外部参数的变化将如何影响房价和使用期限,并更好地了解这些变化将如何与市场利率变化相关。其次,我们通过扩展Anas [1995]模型,同时保持我们在论文第一部分中开发的框架的几个要素,为抵押贷款违约的理论方法做出了贡献。假设未来房价存在不确定性,我们将研究诸如利率,房屋净值水平,房价和收入等参数对抵押贷款利率和房主的违约决定的影响。

著录项

  • 作者

    Staikos, Dimitrios G.;

  • 作者单位

    State University of New York at Buffalo.;

  • 授予单位 State University of New York at Buffalo.;
  • 学科 Biology Ecology.
  • 学位 Ph.D.
  • 年度 2013
  • 页码 286 p.
  • 总页数 286
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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