How Long to Read The Pricing-Out Phenomenon in the U.S. Housing Market

How Long Does it Take to Read The Pricing-Out Phenomenon in the U.S. Housing Market?

It takes the average reader and 48 minutes to read The Pricing-Out Phenomenon in the U.S. Housing Market by Francesco Beraldi

Assuming a reading speed of 250 words per minute. Learn more

Description

The COVID-19 pandemic further extended the multi-year housing boom in advanced economies and emerging markets alike against massive monetary easing during the pandemic. In this paper, we analyze the pricing-out phenomenon in the U.S. residential housing market due to higher house prices associated with monetary easing. We first set up a stylized general equilibrium model and show that although monetary easing decreases the mortgage payment burden, it would raise house prices, lower housing affordability for first-time homebuyers, and increase housing wealth inequality between first-time and repeat homebuyers. We then use the U.S. household-level data to quantify the effect of the house price change on housing affordability relative to that of the interest rate change. We find evidence of the pricing-out effect for all homebuyers; moreover, we find that the pricing-out effect is stronger for first-time homebuyers than for repeat homebuyers. The paper highlights the importance of accounting for general equilibrium effects and distributional implications of monetary policy while assessing housing affordability. It also calls for complementing monetary easing with well-targeted policy measures that can boost housing affordability, particularly for first-time and lower-income households. Such measures are also needed during aggressive monetary tightening, given that the fall in house prices may be insufficient or too slow to fully offset the immediate adverse impact of higher rates on housing affordability.

How long is The Pricing-Out Phenomenon in the U.S. Housing Market?

The Pricing-Out Phenomenon in the U.S. Housing Market by Francesco Beraldi is 47 pages long, and a total of 12,079 words.

This makes it 16% the length of the average book. It also has 15% more words than the average book.

How Long Does it Take to Read The Pricing-Out Phenomenon in the U.S. Housing Market Aloud?

The average oral reading speed is 183 words per minute. This means it takes 1 hour and 6 minutes to read The Pricing-Out Phenomenon in the U.S. Housing Market aloud.

What Reading Level is The Pricing-Out Phenomenon in the U.S. Housing Market?

The Pricing-Out Phenomenon in the U.S. Housing Market is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy The Pricing-Out Phenomenon in the U.S. Housing Market?

The Pricing-Out Phenomenon in the U.S. Housing Market by Francesco Beraldi is sold by several retailers and bookshops. However, Read Time works with Amazon to provide an easier way to purchase books.

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