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Essays on the Macroeconomics of Housing Markets.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on the Macroeconomics of Housing Markets.
Author:	Abramson, Boaz.
Published:	Ann Arbor : ProQuest Dissertations & Theses, 2022
Description:	141 p.
Notes:	Source: Dissertations Abstracts International, Volume: 84-05, Section: A.
Notes:	Advisor: Schneider, Martin;Einav, Liran;Piazzesi, Monika.
Contained By:	Dissertations Abstracts International84-05A.
Subject:	Attorneys.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29756062
ISBN:	9798357507822

Essays on the Macroeconomics of Housing Markets.
Abramson, Boaz.

Essays on the Macroeconomics of Housing Markets. - Ann Arbor : ProQuest Dissertations & Theses, 2022 - 141 p.

Source: Dissertations Abstracts International, Volume: 84-05, Section: A.

Thesis (Ph.D.)--Stanford University, 2022.

This item must not be sold to any third party vendors.

This dissertation studies the macroeconomic implications of government policies and household decisions for housing market outcomes. To do so, I combine tools from macroeconomics, finance, and urban economics to model these markets, and I construct novel microlevel datasets to inform the models.The first chapter, “The Welfare Effects of Eviction and Homelessness Policies”, studies the effects of various rental market policies that address evictions and homelessness. Examples are “Right-to-Counsel” reforms, which provide tenants with free legal counsel in eviction cases, rental assistance programs, and eviction moratoria. While these policies provide a form of insurance to tenants who cannot pay rent, they can also affect equilibrium rents and housing supply. To study these equilibrium effects, I develop a dynamic general equilibrium model of the rental market in a city and quantify the model to match micro data on evictions and homelessness as well as shocks to income and family structure. The key new feature of the model is that households can default on rent and face the risk of eviction, and that rents and housing supply reflect the default risk of tenants.I find that “Right-to-Counsel” drives up rents so much that homelessness increases, and welfare is dampened. While lawyers make it harder to evict delinquent tenants, they are unable to prevent evictions because defaults on rent are driven by persistent shocks to income that cannot easily be smoothed across time. In contrast, rental assistance lowers tenants default risk and as a result reduces both homelessness and evictions and increases welfare. Finally, an eviction moratorium following an unemployment shock can prevent a spike in evictions and homelessness, as long as it is used as a temporary measure and therefore has little effect on equilibrium rents.While the first chapter focuses on the rental markets, the second chapter, “Self-Assessed Financial Literacy in Housing Markets”, studies the role of financial knowledge in homeownership decisions. Using survey data, we show that households who self-assess themselves to be more financially literate are more likely to own a house and take a more levered position on their house. We then develop a heterogeneous agent portfolio choice model to infer the role of mortgage terms and of expectations on future house prices for the empirical patterns. We find that household with higher levels of self-assessed financial knowledge have access to more accommodating mortgage terms and better risk-return tradeoffs in the housing market. Our results show that by ignoring heterogeneity in financial literacy, standard models introduce quantitatively substantial biases in evaluating housing policies. For example, housing demand elasticity with respect to wealth is downsized by approximately 40% when taking financial literacy into account.

ISBN: 9798357507822Subjects--Topical Terms:

942620
Attorneys.

Essays on the Macroeconomics of Housing Markets.
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502 $a Thesis (Ph.D.)--Stanford University, 2022.
506 $a This item must not be sold to any third party vendors.
520 $a This dissertation studies the macroeconomic implications of government policies and household decisions for housing market outcomes. To do so, I combine tools from macroeconomics, finance, and urban economics to model these markets, and I construct novel microlevel datasets to inform the models.The first chapter, “The Welfare Effects of Eviction and Homelessness Policies”, studies the effects of various rental market policies that address evictions and homelessness. Examples are “Right-to-Counsel” reforms, which provide tenants with free legal counsel in eviction cases, rental assistance programs, and eviction moratoria. While these policies provide a form of insurance to tenants who cannot pay rent, they can also affect equilibrium rents and housing supply. To study these equilibrium effects, I develop a dynamic general equilibrium model of the rental market in a city and quantify the model to match micro data on evictions and homelessness as well as shocks to income and family structure. The key new feature of the model is that households can default on rent and face the risk of eviction, and that rents and housing supply reflect the default risk of tenants.I find that “Right-to-Counsel” drives up rents so much that homelessness increases, and welfare is dampened. While lawyers make it harder to evict delinquent tenants, they are unable to prevent evictions because defaults on rent are driven by persistent shocks to income that cannot easily be smoothed across time. In contrast, rental assistance lowers tenants default risk and as a result reduces both homelessness and evictions and increases welfare. Finally, an eviction moratorium following an unemployment shock can prevent a spike in evictions and homelessness, as long as it is used as a temporary measure and therefore has little effect on equilibrium rents.While the first chapter focuses on the rental markets, the second chapter, “Self-Assessed Financial Literacy in Housing Markets”, studies the role of financial knowledge in homeownership decisions. Using survey data, we show that households who self-assess themselves to be more financially literate are more likely to own a house and take a more levered position on their house. We then develop a heterogeneous agent portfolio choice model to infer the role of mortgage terms and of expectations on future house prices for the empirical patterns. We find that household with higher levels of self-assessed financial knowledge have access to more accommodating mortgage terms and better risk-return tradeoffs in the housing market. Our results show that by ignoring heterogeneity in financial literacy, standard models introduce quantitatively substantial biases in evaluating housing policies. For example, housing demand elasticity with respect to wealth is downsized by approximately 40% when taking financial literacy into account.
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