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Autor:innen: 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
IMK Working Paper No. 216
Verlag: 
Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK), Düsseldorf
Zusammenfassung: 
This paper investigates the dynamics of financial vulnerability of indebted homeowners over the housing cycle with an agent-based housing market model. The model is calibrated using UK micro data. I find that financial vulnerability is driven by previous period house purchases and by dissaving due to a wealth effect on consumption. While the first channel is more important in the upswing, the dissaving channel is more important at high price levels. A second finding is that current vulnerability is path-dependent on past purchases at high prices, as due to the wealth effect, these past purchases lead to temporary high consumption.
Schlagwörter: 
house price cycle
JEL: 
G51
C63
R31
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper

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