講座題目:Government Driven Mortgage Guarantee Program and Macroeconomic Effects
主講人:汪意成
時間:6月14日(周二) 14:00-16:00 pm
地點:bevictor伟德官网1305會議室
摘要:Government-driven mortgage guarantee programs (e.g., Federal Housing Administration, the Department of Veterans Affairs, and the Rural Housing Service loans) aim to help financially disadvantageous households own their houses. This paper analyzes the macroeconomic and redistribution effects of these government programs. We propose a quantitative model where households endogenously choose their mortgage types either with or without government guarantees. Households that take out mortgages with government guarantees pay up-front insurance premium, while those who choose mortgages without government guarantees face borrowing limits. Our model successfully matches several mortgage- and household finance-related moments. The mortgage guarantee program makes low- and moderate-income and asset households affordable to buy their houses. Next, we analyze impacts of a decrease in government subsidies on household welfare. Our numerical exercise shows that a decline in government subsidies can improve aggregate household welfare, though the welfare implications are different across households depending on their financial statuses.
主講人簡介:
汪意成,現為挪威奧斯陸大學經濟系助理教授,北京大學數學和環境科學雙學士學位(
2007
),美國羅徹斯特大學經濟學博士(
2015
),研究方向包括宏觀經濟學、金融經濟學、中國經濟。其研究成果多次在宏觀經濟學頂級會議宣講,例如美國經濟學年會(
AEA
),
Society of Economic Dynamics
年會,清華
Macroeconomic workshop
等。