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BEGIN:VEVENT
UID:b7395a1e74133d40ee829c918c323c75
CATEGORIES:Seminars
CREATED:20161213T174658
SUMMARY:Lunch Seminar: Stijn Van Nieuwerburgh - NYU Stern
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Phasing Out The GSEs</strong></p><p
  style="text-align: justify;">Abstract:</p><p style="text-align: justify;">
 We develop a new model of the mortgage market where both borrowers and lend
 ers can default. Risk tolerant savers (risk takers) act as intermediaries b
 etween risk averse depositors and impatient borrowers. The government plays
  a crucial role by providing both mortgage guarantees and deposit insurance
 . Underpriced government mortgage guarantees lead to risky mortgage origina
 tion and excessive financial sector leverage. Mortgage crises frequently tu
 rn into financial crises and government bailouts due to the fragility of th
 e intermediaries’ balance sheets. Increasing the price of the mortgage guar
 antee crowds in the private sector, reduces financial fragility, leads to l
 ess and safer mortgage lending, lowers house prices, and raises mortgage an
 d risk-free interest rates. Due to a more robust financial sector, consumpt
 ion smoothing improves and aggregate welfare increases. While borrowers onl
 y incur a small welfare loss, both types of savers are substantially better
  off, with depositors benefiting the most.</p>
DTSTAMP:20260406T163648Z
DTSTART:20150618T130000Z
DTEND:20150618T140000Z
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