{"id":7254,"date":"2023-01-06T14:09:42","date_gmt":"2023-01-06T13:09:42","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-neeltje-van-horen-university-of-amsterdam\/"},"modified":"2024-02-22T09:48:04","modified_gmt":"2024-02-22T08:48:04","slug":"df-lunch-seminar-professor-neeltje-van-horen-university-of-amsterdam","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-professor-neeltje-van-horen-university-of-amsterdam\/","title":{"rendered":"DF Lunch Seminar Professor Neeltje Van Horen, University of Amsterdam"},"content":{"rendered":"\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<p><strong>Abstract:<\/strong><\/p>\n\n\n\n<p><i>We show that relaxing the down payment constraint positively affects household consumption in addition to stimulating housing market activity. We use the UK Help-to-Buy (HTB) program for identifcation. This mortgage market intervention resulted in a sudden reduction of the minimum down payment needed for a mort- gage from 10 to 5 percent. Our research design exploits geographic variation in ex ante exposure to the program. We estimate that relaxing the down payment con- straint increased total home purchases by 9.8 percent; an increase almost entirely driven by first-time and young buyers accessing low-down payment mortgages. More exposed regions also experienced a rise in home-related expenditures, non-durable consumption and loan-financed car purchases. Local demand effects appear to play a signifcant role driving the consumption response. Our fundings thus present new evidence that interventions in the mortgage market can have important local mac- roeconomic spillover effects.<\/i><\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":47,"featured_media":7255,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2022-09-22 12:00:00","event_end_date":"2022-09-22 13:15:00","event_speaker_name":"Professor Neeltje Van Horen","event_speaker_link":"","event_is_online":false,"event_location":" Building F, Room F2.13, 2nd Floor","event_street":"University of Luxembourg 6 Rue Richard Coudenhove-Kalergi","event_location_link":"","event_zip_code":"1359","event_city":"Luxembourg","event_country":"LU"},"events-topic":[301],"events-type":[],"organisation":[116],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - 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