The loan structure and housing tenure decisions in an equilibrium model of mortgage choice

被引：61

作者：

Chambers, Matthew S. ^{[2
]}

Garriga, Carlos ^{[3
]}

Schlagenhauf, Don ^{[1
]}

机构：

[1] Florida State Univ, Dept Econ, Tallahassee, FL 32306 USA

[2] Towson Univ, Towson, MD USA

[3] Fed Reserve Bank St Louis, St Louis, MO USA

来源：

REVIEW OF ECONOMIC DYNAMICS | 2009年 / 12卷 / 03期

基金：

美国国家科学基金会;

关键词：

Housing finance; First-time buyers; Life-cycle;

D O I：

10.1016/j.red.2009.01.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The objective of this paper is to understand how loan structure affects (i) the borrower's selection of a mortgage contract and (ii) the aggregate economy. We develop a quantitative equilibrium theory of mortgage choice where households can choose from a menu of long-term (nominal) mortgage loans. The model accounts for observed patterns in housing consumption, ownership, and portfolio allocations. We find that the loan structure is a quantitatively significant factor in a household's housing finance decision. The model suggests that the mortgage structure preferred by a household is dependent on age and income and that loan products with low initial payments offer an alternative to mortgages with no downpayment. These effects are more important when inflation is low. The presence of inflation reduces the real value of the mortgage payment and the outstanding loan over time reducing mobility. Changes in the structure of mortgages have implications for risk sharing. (C) 2009 Elsevier Inc. All rights reserved.

引用

页码：444 / 468

页数：25

共 18 条

[1] ALTERNATIVE MORTGAGE INSTRUMENTS, THE TILT PROBLEM, AND CONSUMER WELFARE [J].