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UID:b7395a1e74133d40ee829c918c323c75
CATEGORIES:Seminars
CREATED:20161213T174658
SUMMARY:Lunch Seminar: Stijn Van Nieuwerburgh - NYU Stern
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Phasing Out The GSEs\nAbstract:\nWe develop a new model of the mortgage mar
 ket where both borrowers and lenders can default. Risk tolerant savers (ris
 k takers) act as intermediaries between risk averse depositors and impatien
 t borrowers. The government plays a crucial role by providing both mortgage
  guarantees and deposit insurance. Underpriced government mortgage guarante
 es lead to risky mortgage origination and excessive financial sector levera
 ge. Mortgage crises frequently turn into financial crises and government ba
 ilouts due to the fragility of the intermediaries’ balance sheets. Increasi
 ng the price of the mortgage guarantee crowds in the private sector, reduce
 s financial fragility, leads to less and safer mortgage lending, lowers hou
 se prices, and raises mortgage and risk-free interest rates. Due to a more 
 robust financial sector, consumption smoothing improves and aggregate welfa
 re increases. While borrowers only incur a small welfare loss, both types o
 f savers are substantially better off, with depositors benefiting the most.
 \n
DTSTAMP:20260406T164120Z
DTSTART:20150618T130000Z
DTEND:20150618T140000Z
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