MARC Record from Library of Congress

LEADER: 02011cam a22003137a 4500
001 2005705304
003 DLC
005 20051214165626.0
007 cr |||||||||||
008 051212s2005 gau sb f000 0 eng
010 $a 2005705304
040 $aDLC$cDLC
043 $an-us---
050 00 $aHB1
100 1 $aJeske, Karsten.
245 10 $aHousing and the macroeconomy$h[electronic resource] :$bthe role of implicit guarantees for government-sponsored enterprises /$cKarsten Jeske and Dirk Krueger.
260 $a[Atlanta, Ga.] :$bFederal Reserve Bank of Atlanta,$c[2005]
490 1 $aWorking paper series / Federal Reserve Bank of Atlanta ;$v2005-15
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 12/12/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper studies the macroeconomic effects of implicit government guarantees of the obligations of government-sponsored enterprises. We construct a model with competitive housing and mortgage markets in which the government provides banks with insurance against aggregate shocks to mortgage default risk. We use this model to evaluate aggregate and distributional impacts of this government subsidy of owner-occupied housing. Preliminary findings indicate that the subsidy leads to higher equilibrium housing investment, higher mortgage default rates, and lower welfare. The welfare effects of this policy vary substantially across members of the population with different economic characteristics"--Federal Reserve Bank of Atlanta web site.
653 $aHousing;$amortgage market;$adefault risk
700 1 $aKrueger, Dirk.
710 2 $aFederal Reserve Bank of Atlanta.
830 0 $aWorking paper series (Federal Reserve Bank of Atlanta : Online) ;$v2005-15.
856 40 $uhttp://www.frbatlanta.org/invoke.cfm?objectid=8702BB19-5056-9F06-993C1BD8F1781369&method=display