Essays in macroeconomics
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- Tez No: 401180
- Danışmanlar: PROF. FATİH GÜVENEN
- Tez Türü: Doktora
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2007
- Dil: İngilizce
- Üniversite: University of Rochester
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 178
Özet
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Özet (Çeviri)
This thesis is a collection of three essays in macroeconomics. In Chapter 1, we solve for the housing market equilibrium in the presence of aggregate (interest rate) uncertainty, and examine the behavior of the model in response to uctuations in interest rates. In addition, households also face idiosyncratic uncertainty resulting from stochastic changes over the lifecycle in tastes (or need) for housing. In this environment, pro t maximizing banks o¤er xed-rate mortgage (FRM) contracts to home buyers. As seems plausible, each housing market transaction is subject to a xed cost, which gives rise to S-s policy rules for housing transactions: existing home owners change the size of their houses only if there is a su¢ ciently large change in the state of the economy (i.e., in interest rates, in their taste for housing, etc.) A plausibly calibrated version of the model is consistent with three empirically documented features of the housing market: (i) highly volatile housing prices and transaction volume, (ii) a strong positive correlation between transaction volume and housing prices, and (iii) a signi cant negative relationship between interest rates and housing prices, which can rationalize a large part of the recent boom in housing prices in the U.S. and around the world. In Chapter 2, we formulate a two period OLG model to nd out the form of the relationship between interest rates and housing prices theoretically. It appears that the distribution of homeownership is also important for housing price dynamics. We show that housing prices in the equilibrium do not always have a negative relation with interest rates. In Chapter 3, we model a mechanism which can generate most of the gen- der gap in unemployment observed in most of the OECD countries. The main components of the model are moral hazard, labor market institutions, and higher home productivity of women than men. The source of the moral hazard is the imperfect monitoring performed by the government. Higher home productivity of women makes them more likely to reject job o¤ers and stay unemployed which causes higher unemployment level for women. We nd that each component has quantitatively large e¤ect on unemployment levels.
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