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• W2276637140 abstract "This paper quantifies how the welfare costs of the U.S. Great Recession are distributed across borrowing and saving U.S. households. For this purpose, we use a calibrated dynamic general equilibrium model of housing and household debt with shocks to aggregate income and shocks to the financial intermediation sector. The model matches the boom-bust cycle in house prices, the dynamics of household mortgage debt, and the increase in wealth inequality observed in the U.S. between 2001-2013. We find larger welfare costs of the Great Recession for borrowers than for savers. Borrowers experience a larger drop in consumption than savers who relatively benefit from a redistribution of housing wealth during the recession. We show that the size of this redistribution mechanism would have been significantly lower if (i) mortgage spreads would have remained at the low pre-crisis levels during the recession or if (ii) aggregate leverage would have remained at pre-2001 levels." @default.
• W2276637140 created "2016-06-24" @default.
• W2276637140 creator A5019915510 @default.
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• W2276637140 date "2013-01-01" @default.
• W2276637140 modified "2023-09-28" @default.
• W2276637140 title "Financial Intermediation, House Prices, and the Distributive Effects of the U.S. Great Recession" @default.
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• W2276637140 doi "https://doi.org/10.2139/ssrn.2268987" @default.
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