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作者

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.63,P.424-440

语言

英文

关键字

E21;D12;D91;E22;Housing wealth effect;Second mortgage;Home equity loan;Liquidity constraints

作者单位

University of Nevada, Las Vegas, NV, USA"}]},{"#name":"correspondence","$":{"id":"cor001;University of Nevada, Las Vegas, NV, USA"}]}},"correspondences":{"cor001":{"#name":"correspondence","$":{"id":"cor001

摘要

This paper analyzes how households use second mortgages in response to shocks to housing wealth. Two related questions are examined: Do households use home equity in response to house price appreciation? Are liquidity constraints important for homeowners? A theoretical model shows that liquidity-constrained households respond more strongly to house price changes than unconstrained households. Using PSID, I find noteworthy differences in borrowing patterns of homeowners by the ratio of wealth to income. Low wealth-to-income homeowners exhibit a strong reaction to house price appreciation, whereas high wealth-to-income ones do not. The results indicate the importance of liquidity constraints among homeowners.