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This paper presents preliminary findings and is being distributed to economists and other interes... more This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in this paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Negative Equity and Housing Investment
Real Estate Economics, 2015
SSRN Electronic Journal, 2015
SSRN Electronic Journal, 2011
SSRN Electronic Journal, 2012
SSRN Electronic Journal, 2010
The Journal of Business, 1997
Journal of Labor Economics, 1998
SSRN Electronic Journal, 2013
These views represent those of the authors and not necessarily those of the Federal Reserve Bank of
This paper presents preliminary findings and is being distributed to economists and other interes... more This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. The Homeownership Gap
long literature on housing economics has noted that a rise in mortgage rates could “lock-in” an o... more long literature on housing economics has noted that a rise in mortgage rates could “lock-in” an owner to his or her current house, thereby slowing or preventing a permanent move to a new residence if mortgage interest rates rise sufficiently to make the new debt service payment unaffordable (see, for example, Quigley [1987, 2002]). Other financial frictions—such as the one arising from California’s Proposition 13 property tax rules, which essentially imply an often large increase in property taxes after a move—would have similar effects on household mobility (Ferreira 2010). Negative equity, by which we mean the current value of the house is less than the outstanding mortgage balance, could also reduce mobility if the owner lacks sufficient liquidity to pay off the full loan balance, which is required for a permanent move and sale of the property if the borrower is to avoid the cost of a default (Stein 1995; Chan 2001; Engelhardt 2003). These three potential financial frictions are ...
Journal of Labor Economics, 1994
Recent research into the urban quality of life (QOL) is reviewed and analyzed, with a special emp... more Recent research into the urban quality of life (QOL) is reviewed and analyzed, with a special emphasis on the estimation of implicit prices of environmental attributes. New work has incorporated traditional concerns of urban theory into QOL analyses, as well as increased our ...
This paper presents preliminary findings and is being distributed to economists and other interes... more This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in this paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Negative Equity and Housing Investment
Real Estate Economics, 2015
SSRN Electronic Journal, 2015
SSRN Electronic Journal, 2011
SSRN Electronic Journal, 2012
SSRN Electronic Journal, 2010
The Journal of Business, 1997
Journal of Labor Economics, 1998
SSRN Electronic Journal, 2013
These views represent those of the authors and not necessarily those of the Federal Reserve Bank of
This paper presents preliminary findings and is being distributed to economists and other interes... more This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. The Homeownership Gap
long literature on housing economics has noted that a rise in mortgage rates could “lock-in” an o... more long literature on housing economics has noted that a rise in mortgage rates could “lock-in” an owner to his or her current house, thereby slowing or preventing a permanent move to a new residence if mortgage interest rates rise sufficiently to make the new debt service payment unaffordable (see, for example, Quigley [1987, 2002]). Other financial frictions—such as the one arising from California’s Proposition 13 property tax rules, which essentially imply an often large increase in property taxes after a move—would have similar effects on household mobility (Ferreira 2010). Negative equity, by which we mean the current value of the house is less than the outstanding mortgage balance, could also reduce mobility if the owner lacks sufficient liquidity to pay off the full loan balance, which is required for a permanent move and sale of the property if the borrower is to avoid the cost of a default (Stein 1995; Chan 2001; Engelhardt 2003). These three potential financial frictions are ...
Journal of Labor Economics, 1994
Recent research into the urban quality of life (QOL) is reviewed and analyzed, with a special emp... more Recent research into the urban quality of life (QOL) is reviewed and analyzed, with a special emphasis on the estimation of implicit prices of environmental attributes. New work has incorporated traditional concerns of urban theory into QOL analyses, as well as increased our ...