A study of the housing market. The role of deflationary pressure increase in defaults on mortgage loans. The impact of monetary policy on housing prices and mortgage rates. The choice of model parameters for the analysis of housing and mortgage crisis.
Given limited participation in the loan markets in our model, we need at least four agents-households (?, ?, ?, ?) and two commercial banks (?, ?). Mr. ? and Mr. ? are endowed with the good, Mr. ? with housing and Mr. ?, who is born in the last period, is endowed only with the good. We denote by the set of states that agent h does not default on his mortgage, i.e., The maximization problem is as follows: subject to: (1) (expenditure for housing at t = 0) ? (amount borrowed short-term at t = 0) (mortgage amount) (initial private monetary endowment); (2) (short-term loan repayment) ? (good sales at t = 0); (3) (expenditure for housing in the second period, state ) (mortgage repayment) ? (amount borrowed short-term) (private monetary endowment in ); (4) (expenditure for housing in the second period, state ) ? (amount borrowed short-term) (private monetary endowment in ); (5) (short-term loan repayment) ? (good sales in ); (6) quantity of goods sold in ? endowment of goods in where: : fiat money in the housing market in : amount of goods offered for sale in : endowment of goods in : price of the good in : price of housing in Mr. ? is endowed with housing at t = 0, some (much) of which he sells to buy goods for consumption.
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