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Can't pay or won't pay?: unemployment, negative equity, and strategic default

Kristopher Gerardi (), Kyle Herkenhoff (), Lee Ohanian () and Paul Willen

No 15-13, Working Papers from Federal Reserve Bank of Boston

Abstract: The authors exploit new data from the Panel Study of Income Dynamics (PSID) to provide a more systematic and detailed analysis of household-level employment, income, and expense shocks to mortgage default decisions than has been possible before. These new data provide very different answers regarding the importance of employment and financial factors in the decision to default on a mortgage than have been found in previous studies that were based on crude proxies for household-level financial variables.

JEL-codes: D14 D12 D19 (search for similar items in EconPapers)
Pages: 81 pages
Date: 2015-09-21, Revised 2015-09-21
New Economics Papers: this item is included in nep-ure
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Related works:
Journal Article: Can’t Pay or Won’t Pay? Unemployment, Negative Equity, and Strategic Default (2018) Downloads
Working Paper: Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default (2017) Downloads
Working Paper: Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default (2015) Downloads
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