This paper examines the impact of the combined U.S. state and federal mortgage interest deduction (MID) on homeownership attainment, using data from 1984 to 2007 and exploiting variation in the subsidy arising from changes in the MID within and across states over time. We test whether capitalization of the MID into house prices offsets the positive effect on homeownership. We find that the MID ...

مقولات ابزار ذهن ما برای شناخت حقایق اطراف است. بشر اشیای خارجی یا مفاهیم ناظر به آن‌ها را ذیل یکی از قرار داده است و فهم می‌کند. اما میزان صدق بر تمام واقعیات هستی هنوز درستی مشخص نیست. آنچه در آرای برخی فلاسفة مشاء دیده می‌شود‌این که پیرو آن انواعی آنها‌ایجاد می‌شود نقش تعیین کننده تعین نوعی موجودات دارند صرفاً طبقه بندی انسان نیستند. در‌این میان ملاصدرا دیدگاه متفاوتی آراء خود نشان می‌دهد محد...

This paper analyzes the determinants of homeownership in immigrant households over the 1980–2000 period. The study finds that immigrants have lower homeownership rates than natives and that the homeownership gap widened significantly during that period. The differential location decisions of immigrant and native households, as well as the changing national origin mix of the immigrant population...

I develop a quantitative, dynamic general equilibrium model of life cycle behavior to study the effects of several policy reforms on assets composition over the life cycle, wealth distribution and aggregate saving. Privatizing social security increases aggregate saving, decreases overall wealth inequality, and generates large welfare gain, especially for agents with high initial productivity. L...

This study examines how the value of residential land and structures evolved during the great housing boom and bust using data on more than a million residential properties that were sold in ten metropolitan areas between 1998 and 2009. We use a hedonic estimator to disentangle the market value of land and structures at a local (census tract) level. Our estimates reveal substantial heterogeneit...

I develop and estimate a monetary business cycle model with nominal loans and collateral constraints tied to housing values. Demand shocks move housing and nominal prices in the same direction, and are amplified and propagated over time. The financial accelerator is not uniform: nominal debt dampens supply shocks, stabilizing the economy under interest rate control. Structural estimation suppor...

In housing markets, neighborhood characteristics are a key source of information heterogeneity: sellers are usually better informed about neighborhood values than buyers are, but some sellers and buyers are better informed than their peers are. Consistent with predictions from a new framework for analyzing such markets with heterogeneous assets and differentially informed agents, we find that c...