I am a doctoral candidate at UCLA doing research in applied macroeconomics, using household registry data, methods from applied microeconomics, and structural modeling to study the role of home prices and credit use in household finance and its role in macroeconomics.

I will be on the job market of 2023/2024.

Contact: jesper bojeryd at ucla dot edu

---

Recent updates:

A new version of The Housing Wealth Effect: Quasi-Experimental Evidence, with Dany Kessel, Björn Tyrefors, and Roine Vestman

Empirical studies have estimated a big range of consumption response sizes to changes in house prices. Using a quasi-experiment, we estimate a shock of –19.4 percent to house prices in the area surrounding an airport in Stockholm after its operations were unexpectedly continued as a result of political bargaining behind closed doors. This source of price divergence is ideal for identifying housing wealth effects since it is local and unrelated to variations in macroeconomic conditions. Using a household data set with information on the location of primary residence relative to the airport, we find a short-run elasticity with respect to new car purchases of 0.39, corresponding to a one-year marginal propensity for car expenditures of 0.12 cents per dollar lost in housing wealth. Households with high loan-to-value ratios and little bank deposits respond the most. A quantitative model is consistent with the empirical findings and pinpoints important determinants of the response size, which may explain the variation in previous estimates.

Work in progress:

Car purchases, indebtedness and monetary policy

Using the universe of car transactions matched to annual census data in Sweden, I study how the cash-flow channel of monetary policy affects households’ decisions to buy cars. Draft to come soon.

Heterogeneous effects of QE on corporate bonds and firm outcomes, with Adam Baybutt

Does lowering corporate bond rates by QE in itself stimulate firm investment and other real outcomes? By an event-time approach with TRACE data, we try to disentangle channels of large-scale asset purchases to the firm side of the U.S. economy.

The marginal propensity for expenditures out of housing wealth, with Knut Are Aastveit, Magnus Gulbrandsen, Ragnar Juelsrud, and Kasper Roszbach

Following the oil price plunge of 2014, local income and home prices fell in the oil-intense cities on the Norwegian west coast. We study the consumption of public sector workers across Norway and compare their change in expenditures in response to fall in home prices. We argue that public sector workers are insulated from local oil revenue and that differences in changes in expenditures are due housing wealth. Using the universe of digital payments at a high frequency and with information of the type of store, we can decompose the change in expenditures by multiple categories.