Replication data for: Macroeconomic Effects of Bankruptcy and Foreclosure Policies
Principal Investigator(s): View help for Principal Investigator(s) Kurt Mitman
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
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| ReplicationFinal | 12/06/2019 04:47:PM | ||
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text/plain | 14.6 KB | 12/06/2019 11:47:AM |
Project Description
Summary:
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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:
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D14 Household Saving; Personal Finance
K35 Personal Bankruptcy Law
R31 Housing Supply and Markets
D14 Household Saving; Personal Finance
K35 Personal Bankruptcy Law
R31 Housing Supply and Markets
Geographic Coverage:
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United States
Data Type(s):
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program source code
Methodology
Unit(s) of Observation:
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U.S. States,
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