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Working Paper
Monetary Policy, Housing Rents and Inflation Dynamics
Dias, Daniel A.; Duarte, Joao B. (2019-05-23)
International Finance Discussion Papers , Paper 1248

Working Paper
Determinants of Differential Rent Changes: Mean Reversion versus the Usual Suspects
Marsh, Fred; Shoemaker, Owen; Verbrugge, Randal J.; Poole, Robert; Dorfman, Alan; Johnson, William (2015-08-05)
We study 2001-2004 and 2004-2007 rent growth of 18,000 rental units, ending our study prior to the Great Recession. Which variables correlate with rent growth: Location? Age? Rent level? Occupancy duration? Structure type? The answers deepen understanding of the rental market, help statistical agencies make decisions about sample stratification and substitution, and expose coverage problems. We document significant rent stickiness. Initial relative rent level is the best predictor, though mainly due to mean reversion. "Location" comes in second, though often not statistically significantly: ...
Working Papers (Old Series) , Paper 1511

Report
Tuition, jobs, or housing: what's keeping millennials at home?
Van der Klaauw, Wilbert; Lee, Donghoon; Brown, Meta; Bleemer, Zachary (2014-11-01)
This paper documents marked changes in young Americans? residence choices over the past fifteen years, with recent cohorts delaying homeownership and lingering much longer in parents? households. To understand the sources and implications of this decline in independence, we estimate the contributions of local economic circumstances to the decision to live with parents or independently. Transition models, local aggregates, and state-cohort tuition patterns are used to address the likely presence of individual- and neighborhood-level unobserved heterogeneity. Employment and housing market ...
Staff Reports , Paper 700

Working Paper
Monetary Policy and Home Buying Inequality
Ringo, Daniel R. (2023-01-20)
Does monetary policy influence who becomes a home owner? Home purchases by low- and moderate-income households may be particularly sensitive to mortgage interest rates, as these households’ budgets are tighter and they more frequently come up against binding payment-to-income ratio constraints in credit decisions. Exploiting the timing of high-frequency observations of mortgage applicants locking in their interest rates around monetary policy shocks, I find that a 1 percentage point policy-induced increase in mortgage rates lowers the presence of low-income households in the population of ...
Finance and Economics Discussion Series , Paper 2023-006

Journal Article
The Limited Supply of Homes
Rappaport, Jordan (2016-03-23)
Jordan Rappaport finds that a limited supply of single-family homes will continue to constrain home sales and put upward pressure on home prices over the next few years.
Macro Bulletin

Discussion Paper
Developing Inclusive Communities: Challenges and Opportunities for Mixed-Income Housing
Duckworth, Richard; Carpenter, Ann; Lewis Glover, Renée (2017-01-15)
Over the past decade, housing costs have risen faster than incomes. The need for affordable rental housing has well outpaced the number of available units as well as funding allocations at the federal level. Local regulation and land use policies that increase the cost of subsidized, mixed-income housing construction and preservation have contributed to the affordability problem.To meet the affordable housing needs in U.S. communities, innovation, creativity, and "out of the box" thinking may be required, particularly as it relates to reducing the rapidly increasing costs of development. ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2017-01

Working Paper
Monetary Policy and Homeownership: Empirical Evidence,Theory, and Policy Implications
Dias, Daniel A.; Duarte, Joao B. (2022-05-19)
We show that monetary policy affects homeownership decisions and argue that this effect is an important and overlooked channel of monetary policy transmission. We first document that monetary policy shocks are a substantial driver of fluctuations in the U.S. homeownership rate and that monetary policy affects households' housing tenure choices. We then develop and calibrate a two-agent New Keynesian model that can replicate the estimated transmission of monetary policy shocks to homeownership rates and housing rents. We find that the calibrated model provides an explanation to the "price ...
International Finance Discussion Papers , Paper 1344

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