Replication data for: Macroeconomic Effects of Bankruptcy and Foreclosure Policies

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Project Citation:

Mitman, Kurt. Replication data for: Macroeconomic Effects of Bankruptcy and Foreclosure Policies. Nashville, TN: American Economic Association [publisher], 2016. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-06. https://doi.org/10.3886/E116138V1

Project Description

Summary: I study the implications of two major debt-relief policies in the United States: the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) and the Home Affordable Refinance Program (HARP). To do so, I develop a model of housing and default that includes relevant dimensions of credit-market policy and captures rich heterogeneity in household balance sheets. The model also explains the observed cross-state variation in consumer default rates. I find that BAPCPA significantly reduced bankruptcy rates, but increased foreclosure rates when house prices fell. HARP reduced foreclosures by 1 percentage point and provided substantial welfare gains to households with high loan-to-value mortgages.

Scope of Project

JEL Classification:
      D14 Household Saving; Personal Finance
      K35 Personal Bankruptcy Law
      R31 Housing Supply and Markets

Geographic Coverage: United States

Data Type(s): program source code

Methodology

Unit(s) of Observation: U.S. States,

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Published Versions

V1 [2019-12-06]

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