[BOOK][B] Financial development, growth, and crisis: Is there a trade-off?
Finance is the fuel of economic growth. Yet, the same fuel, when excessive and triggered by
a shock of flame, can engender an economic crisis. For decades, the economics literature …
a shock of flame, can engender an economic crisis. For decades, the economics literature …
The housing market (s) of San Diego
This paper uses an assignment model to understand the cross section of house prices within
a metro area. Movers' demand for housing is derived from a life-cycle problem with credit …
a metro area. Movers' demand for housing is derived from a life-cycle problem with credit …
Consumption and saving over the life cycle: How important are consumer durables?
In this paper we investigate whether a standard life-cycle model in which households
purchase nondurable consumption and consumer durables and face idiosyncratic income …
purchase nondurable consumption and consumer durables and face idiosyncratic income …
Housing, finance, and the macroeconomy
In this chapter, we review and discuss the large body of research that has developed over
the past 10-plus years that explores the interconnection of macroeconomics, finance, and …
the past 10-plus years that explores the interconnection of macroeconomics, finance, and …
Resource allocation within firms and financial market dislocation: Evidence from diversified conglomerates
We argue and demonstrate that resource allocation within firms' internal capital markets
provides an important force countervailing financial market dislocation. We estimate a …
provides an important force countervailing financial market dislocation. We estimate a …
Consumption dynamics during recessions
Are there times when durable spending is less responsive to economic stimulus? We argue
that aggregate durable expenditures respond more sluggishly to economic shocks during …
that aggregate durable expenditures respond more sluggishly to economic shocks during …
Low homeownership in Germany—A quantitative exploration
The homeownership rate in Germany is one of the lowest among advanced economies. To
better understand this fact, we evaluate the role of specific housing policies that tend to …
better understand this fact, we evaluate the role of specific housing policies that tend to …
Mortgage debt, consumption, and illiquid housing markets in the great recession
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 …
this paper studies the drivers of the 2006–2011 housing bust, its spillovers to consumption …
Income distribution and housing prices: An assignment model approach
We present a framework for studying the relation between the distributions of income and
house prices that is based on an assignment model where households are heterogeneous …
house prices that is based on an assignment model where households are heterogeneous …
A control function approach to estimating switching regression models with endogenous explanatory variables and endogenous switching
I Murtazashvili, JM Wooldridge - Journal of econometrics, 2016 - Elsevier
We derive simple, multi-step estimation methods for a linear model with heterogeneous
coefficients when there are both continuous and discrete endogenous explanatory …
coefficients when there are both continuous and discrete endogenous explanatory …