Winners and Losers in Housing Markets

By Nobuhiro Kiyotaki, Alexander Michaelides, Kalin Nikolov. 2011

333 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/5faec8a43f191c28a7ccb929ffd3c1874f4482c6

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Citations in the corpus

Household Leverage and the Recession (2011, neutral): “where μt+k(s) is the shadow value of wealth of the representative household on island s, that is, the multiplier on the flow budget constraint (25) and τp = θ−1 θ is a tax the government levies to eliminate the steady state markup distortion.”
Housing, Finance and the Macroeconomy (2014, positive): “Recently, Kiyotaki, Michaelides, and Nikolov (2011) use a general equilibrium life-cycle model to study the implications of an unexpected increase in land’s share of housing in an environment where interest rates are set outside of the model.”
The Impact of Supply Constraints on House Prices in England (2016, positive): “However, in line with life-cycle macro-models that assume that the supply of land is inelastic (e.g., Ortalo-Magne and Rady, 2006; Kiyotaki et al., 2011), the impacts of these aggregate demand factors still depend on supply constraints such as those introduced by the rigid English land use planning ”
Household Expenditures, Wages, Rents (2011, methodology): “In order to operationalize equation ( 23 ), we need to compute a standardized mea-”
The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium (2017, positive): “This is the same reason Kiyotaki et al. (2011) and Sommer et al. (2013) 2 Although Kiyotaki et al. and Sommer et al. do not emphasize the implications of their models for the wealth distribution, it is well known that the Bewley-style economies they study (as well as almost all macro models) do not…”
Implications of US Tax Policy for House Prices, Rents, and Homeownership (2018, methodology): “Following the literature on housing choice (see, for example, D´ıaz and Luengo-Prado (2008), Chatterjee and Eyigungor (2009), and Kiyotaki, Michaelides and Nikolov (2011)), the preferences over the consumption of non-durable goods ( c ) and housing services ( s ) are modeled as non-separable of the…”
Why Has Home Ownership Fallen among the Young (2009, neutral): “(11)As in Kiyotaki et al. (2007), we assume that new capital is productive immediately, i.”
Household Leveraging and Deleveraging (2013, positive): “This result is robust to a wide range of calibrations and is consistent with the findings of Iacoviello and Neri (2010) and Kiyotaki et al. (2010), who show that shocks to LTV ratios have negligible effects on house price dynamics.”