BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Memento EPFL//
BEGIN:VEVENT
SUMMARY:Refinancing Cross-Subsidies in the Mortgage Market
DTSTART:20221118T113000
DTEND:20221118T130000
DTSTAMP:20260921T194909Z
UID:4807be5fb4c51e2bde2f392b7d337ee873b0aaea7959637a39e1e6e4
CATEGORIES:Conferences - Seminars
DESCRIPTION:Tarun Ramadorai - Imperial College London\nIn household financ
 e markets\, inactive households can implicitly cross-subsidize active hous
 eholds who promptly respond to financial incentives. We assess the magnitu
 de and distribution of cross-subsidies in the mortgage market. To do so\, 
 we build a model of household mortgage refinancing and structurally estima
 te it on rich administrative data on the stock of outstanding UK mortgages
  in June 2015. We estimate sizeable cross-subsidies during this sample per
 iod\, from relatively poorer households and those located in less-wealthy 
 areas towards richer households and those located in wealthier areas. Our 
 work highlights how the design of household finance markets can contribute
  to wealth inequality. Estimated cross-subsidies may differ in more recent
  periods given changes in the UK mortgage market since 2015.\n 
LOCATION:Zoom
STATUS:CONFIRMED
END:VEVENT
END:VCALENDAR