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Subprime borrowers, securitization and the transmission of business cycles
In: The Canadian journal of economics: the journal of the Canadian Economics Association = Revue canadienne d'économique, Band 52, Heft 4, S. 1600-1654
ISSN: 1540-5982
AbstractA growing literature (e.g., Jaffee et al. 2009, Acharya and Schnabl 2009) argues that securitization improves financial stability if the securitized assets are held by capital market participants, rather than financial intermediaries. I construct a quantitative macroeconomic model with a novel specification for mortgage‐backed securities (MBS) to evaluate this claim. My findings suggest that the existence of the securitization market stabilizes the economy under the condition that financial intermediaries do not engage in the acquisition of securitized assets. In the presence of large negative housing preference shocks, the drop in output in the first year after the shock is halved if subprime MBS are purchased by non‐financial agents rather than held by banks.
Subprime Borrowers, Securitization and the Transmission of Business Cycles
In: Canadian Journal of Economics/Revue canadienne d'économique, Band 52, Heft 4, S. 1600-1654
SSRN
Private bank money vs central bank money: A historical lesson for CBDC introduction
In: Journal of economic dynamics & control, Band 154, S. 104707
ISSN: 0165-1889
The Impact of Local Taxes and Public Services on Property Values
In: Sveriges Riksbank Working Paper Series No. 374, April 2019
SSRN
Working paper
Measuring the Impact of Taxes and Public Services on Property Values: A Double Machine Learning Approach
In: JEDC-D-24-00116
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Erratum to "Predictors of bank distress: The 1907 crisis in Sweden" [Explorations in Economic History 80 (2021) 101380]
In: Explorations in economic history: EEH, Band 85, S. 101456
ISSN: 0014-4983
Predictors of bank distress: The 1907 crisis in Sweden
In: Explorations in economic history: EEH, Band 80, S. 101380
ISSN: 0014-4983
Pension reform and wealth inequality: Theory and evidence
In: European economic review: EER, Band 165, S. 104746
ISSN: 1873-572X
Pension Reform and Wealth Inequality: Evidence from Denmark
In: CEPR Discussion Paper No. DP17078
SSRN
SSRN
Pension Reform and Wealth Inequality: Theory and Evidence
In: EEREV-D-23-00050
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