Publications [#344915] of David Berger

Journal Articles

1. Berger, D; Turner, N; Zwick, E, Stimulating Housing Markets, Journal of Finance, vol. 75 no. 1 (February, 2020), pp. 277-321 [doi]
   (last updated on 2024/04/24)

   Abstract:
   We study temporary fiscal stimulus designed to support distressed housing markets by inducing demand from buyers in the private market. Using difference-in-differences and regression kink research designs, we find that the First-Time Homebuyer Credit increased home sales by 490,000 (9.8%), median home prices by $2,400 (1.1%) per standard deviation increase in program exposure, and the transition rate into homeownership by 53%. The policy response did not reverse immediately. Instead, demand comes from several years in the future: induced buyers were three years younger in 2009 than typical first-time buyers. The program's market-stabilizing benefits likely exceeded its direct stimulus effects.