Home Is Where the Equity Is: Mortgage Refinancing and Household Consumption

By Erik G. Hurst, F. Stafford. 2004

462 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/aa2ddd529e7fb4a320e787fc94498e13c6586e57

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Citations in the corpus

Housing markets and the financial crisis of 2007-2009: lessons for the future (2010, background): “consumer spending, consistent with the cross-section consumption findings of Hurst and Stafford (2004) and evidence that mortgage refinancing costs have fallen (Bennett, Peach, and Peristiani,”
Regional Heterogeneity and Monetary Policy (2019, unknown): “Di Maggio, Kermani, and Ramcharan (2014) and Keys et al. (2014) study the effects of ARM resets on durable consumption, following work by Fuster and Willen (2012) and Tracy and Wright (2012) studying the effects of resets on mortgage defaults. Di Maggio, Kermani, and Palmer (2016) also study the res”
Failure to Refinance (2016, unknown): “…refinance, this nonprofit lender participated in several waves of mail offers to its clients that would allow 1 See, for instance, Bennett, Peach, and Peristiani (2001) ; Green and Shoven (1986) ; Schwartz and Torous (1989) ; Stanton (1995) , and Hurst and Stafford (2004) . them to refinance.”
Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program (2015, unknown): “Some studies include Shapiro and Slemrod (1995, 2003), Jappelli et al. (1998), Souleles (1999), Parker (1999), Browning and Collado (2001), Stephens (2008), Johnson, Parker, and Souleles (2006), Agarwal, Liu, and Souleles (2007), Aaronson et al.”
The Impact of Homeowners' Housing Wealth Misestimation on Consumption and Saving Decisions (2007, unknown): “5 Hurst and Stafford (2004) develop a theoretical model of refinancing behavior of homeowners who refinance to lower payments and thereby increase their lifetime wealth position versus those who refinance to extract home equity in order to smooth current consumption.”
Liquidity Constraints, Household Wealth, and Entrepreneurship (2004, background): “Results for this first-stage regression are consistent with other work (Engelhardt 1996; Skinner 1996; Hurst and Stafford 2004).”
Do Family Wealth Shocks Affect Fertility Choices? Evidence from the Housing Market (2013, background): “Many authors, including Campbell and Cocco (2007), Case, Quigley, and Shiller (2005), Hurst and Stafford (2004), and Lehnert (2003), have found that housing wealth affects consumption.18 Our results add to this literature by showing that the recent severe declines in the housing market also may…”
Liquidity Constraints, Household Wealth, and Entrepreneurship Revisited (2012, result): “Their estimate implies that households save 94 percent of their housing capital gains, which is consistent with previous findings (Engelhardt, 1996; Skinner, 1996; Hurst and Stafford, 2004).”