讲座题目：Government Driven Mortgage Guarantee Program and Macroeconomic Effects
时间：6月14日（周二） 14:00-16:00 pm
摘要：Government-driven mortgage guarantee programs (e.g., Federal Housing Administration, the Department of Veterans Affairs, and the Rural Housing Service loans) aim to help financially disadvantageous households own their houses. This paper analyzes the macroeconomic and redistribution effects of these government programs. We propose a quantitative model where households endogenously choose their mortgage types either with or without government guarantees. Households that take out mortgages with government guarantees pay up-front insurance premium, while those who choose mortgages without government guarantees face borrowing limits. Our model successfully matches several mortgage- and household finance-related moments. The mortgage guarantee program makes low- and moderate-income and asset households affordable to buy their houses. Next, we analyze impacts of a decrease in government subsidies on household welfare. Our numerical exercise shows that a decline in government subsidies can improve aggregate household welfare, though the welfare implications are different across households depending on their financial statuses.
汪意成，现为挪威奥斯陆大学经济系助理教授，北京大学数学和环境科学双学士学位（2007），美国罗彻斯特大学经济学博士（2015），研究方向包括宏观经济学、金融经济学、中国经济。其研究成果多次在宏观经济学顶级会议宣讲，例如美国经济学年会（AEA），Society of Economic Dynamics年会，清华Macroeconomic workshop等。