Stimulating Housing Markets
Publication
, Journal Article
Berger, D; Turner, N; Zwick, E
Published in: Journal of Finance
February 1, 2020
We study temporary fiscal stimulus designed to support distressed housing markets by inducing demand from buyers in the private market. Using difference-in-differences and regression kink research designs, we find that the First-Time Homebuyer Credit increased home sales by 490,000 (9.8%), median home prices by $2,400 (1.1%) per standard deviation increase in program exposure, and the transition rate into homeownership by 53%. The policy response did not reverse immediately. Instead, demand comes from several years in the future: induced buyers were three years younger in 2009 than typical first-time buyers. The program's market-stabilizing benefits likely exceeded its direct stimulus effects.
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Published In
Journal of Finance
DOI
EISSN
1540-6261
ISSN
0022-1082
Publication Date
February 1, 2020
Volume
75
Issue
1
Start / End Page
277 / 321
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1502 Banking, Finance and Investment
Citation
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Chicago
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Berger, D., Turner, N., & Zwick, E. (2020). Stimulating Housing Markets. Journal of Finance, 75(1), 277–321. https://doi.org/10.1111/jofi.12847
Berger, D., N. Turner, and E. Zwick. “Stimulating Housing Markets.” Journal of Finance 75, no. 1 (February 1, 2020): 277–321. https://doi.org/10.1111/jofi.12847.
Berger D, Turner N, Zwick E. Stimulating Housing Markets. Journal of Finance. 2020 Feb 1;75(1):277–321.
Berger, D., et al. “Stimulating Housing Markets.” Journal of Finance, vol. 75, no. 1, Feb. 2020, pp. 277–321. Scopus, doi:10.1111/jofi.12847.
Berger D, Turner N, Zwick E. Stimulating Housing Markets. Journal of Finance. 2020 Feb 1;75(1):277–321.
Published In
Journal of Finance
DOI
EISSN
1540-6261
ISSN
0022-1082
Publication Date
February 1, 2020
Volume
75
Issue
1
Start / End Page
277 / 321
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1502 Banking, Finance and Investment