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1{2 "indexed": {3  "date-parts": [4   [5    2026,6    9,7    208   ]9  ],10  "date-time": "2026-09-20T01:46:36Z",11  "timestamp": 1789868796194,12  "version": "4.0.1"13 },14 "reference-count": 51,15 "publisher": "American Economic Association",16 "issue": "6",17 "content-domain": {18  "domain": [],19  "crossmark-restriction": false20 },21 "short-container-title": [22  "American Economic Review"23 ],24 "published-print": {25  "date-parts": [26   [27    2020,28    6,29    130   ]31  ]32 },33 "abstract": "<jats:p>Using a quantitative heterogeneous agents macro-housing model and detailed microdata, this paper studies the drivers of the 2006–2011 housing bust, its spillovers to consumption and the credit market, and the ability of mortgage rate interventions to accelerate the recovery. The model features tenure choice between owning and renting, rich portfolio choice, long-term defaultable mortgages, and endogenously illiquid housing from search frictions. The equilibrium analysis and empirical evidence suggest that the deterioration in house prices and liquidity, transmitted to consumption via balance sheets that vary in composition and depth, is central to explaining the observed aggregate and cross-sectional patterns. (JEL E23, E32, E44, G21, R31)</jats:p>",34 "DOI": "10.1257/aer.20170772",35 "type": "journal-article",36 "created": {37  "date-parts": [38   [39    2020,40    5,41    2842   ]43  ],44  "date-time": "2020-05-28T12:03:21Z",45  "timestamp": 159066740100046 },47 "page": "1603-1634",48 "source": "Crossref",49 "is-referenced-by-count": 120,50 "title": [51  "Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession"52 ],53 "prefix": "10.1257",54 "volume": "110",55 "author": [56  {57   "given": "Carlos",58   "family": "Garriga",59   "sequence": "first",60   "affiliation": [61    {62     "name": "Federal Reserve Bank of St. Louis (email: )"63    }64   ],65   "role": [66    {67     "vocabulary": "crossref",68     "role": "author"69    }70   ]71  },72  {73   "given": "Aaron",74   "family": "Hedlund",75   "sequence": "additional",76   "affiliation": [77    {78     "name": "University of Missouri, Federal Reserve Bank of St. Louis, and Center for Growth and Opportunity at Utah 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