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Essays in consumer finance.

Low, David.

Essays in consumer finance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in consumer finance.
作者:	Low, David.
面頁冊數:	99 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.
附註:	Adviser: Raquel Fernandez.
Contained By:	Dissertation Abstracts International76-12A(E).
標題:	Economics.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3716567
ISBN:	9781321954593

Essays in consumer finance.
Low, David.

Essays in consumer finance. - 99 p.

Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.

Thesis (Ph.D.)--New York University, 2015.

This dissertation consists of two essays in consumer finance.

ISBN: 9781321954593Subjects--Topical Terms:

175999
Economics.

Essays in consumer finance.
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500 $a Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.
500 $a Adviser: Raquel Fernandez.
502 $a Thesis (Ph.D.)--New York University, 2015.
520 $a This dissertation consists of two essays in consumer finance.
520 $a The first essay, "Mortgage Default with Positive Equity," is motivated by a surprising fact: in normal times, over 80% of defaulting homeowners have positive home equity. The essay develops a structural model of mortgage default in which selling a house takes time, which causes some homeowners to default even with positive equity. Calibrating the model with a standard income process, augmented with "disastrous" shocks, the essay shows that the considerable equity of many defaulters goes beyond what income shocks alone can explain. Including divorce and family size in the model allows it to match the aggregate default rate and the distribution of equity among defaulters. The estimated model suggests that recourse (a policy which allows lenders to seize the assets of underwater defaulters) is ineffective and perhaps counterproductive, consistent with empirical research.
520 $a The second essay, "Quasi-Hyperbolic Preferences and Black-White Wealth Inequality," examines why black households have less wealth than comparable white households. A standard Blinder-Oaxaca decomposition finds that the average black household, with $4 5,467 in net wealth, would have $6 7,975 (i.e. 50% more) wealth if it were white but other characteristics were unchanged. The essay first lays out a series of empirical facts that theories of black-white wealth inequality should respect. Notably, black and white expenditure functions are observationally identical. However, black levels of nonhousing expenditures are lower than white levels. Blacks also face more downside risk than comparable whites. Specifically, black homeowners are significantly more likely than white homeowners to experience an "involuntary" move. The paper then investigates the effect of involuntary moves and higher home and mortgage prices in a structural model of asset accumulation and housing choice over the lifecycle when agents have quasi-hyperbolic preferences. The model generates a substantial racial gap in wealth and homeownership, while respecting the data on black and white expenditure levels.
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650 4 $a Finance. $3 183252
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