Two Extensive Margins of Credit and Loan-to-Value Policies

被引：10

作者：

Gete, Pedro ^{[1
,2
]}

Reher, Michael ^{[3
]}

机构：

[1] Georgetown Univ, Econ, Washington, DC 20057 USA

[2] GCER & IE Business Sch, Washington, DC 20057 USA

[3] Harvard Univ, Econ, Cambridge, MA 02138 USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2016年 / 48卷 / 07期

关键词：

extensive margin; loan-to-value; mortgage markets; homeownership; collateral; MORTGAGE DEFAULT; MONETARY-POLICY; PRICES; STATES; MODEL; DEBT;

D O I：

10.1111/jmcb.12337

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze a model of mortgage markets, housing tenure choice, heterogeneous agents, and default with closed form solutions. We uncover new insights which may inspire empirical work, and we ground already established insights in a series of tractable expressions. Then we study optimal loan-to-value (LTV) regulation and show that the choice of an LTV cap should balance the opposing forces of access to homeownership and the negative externalities associated with default. Homeownership affordability concerns induce procyclical elements into optimal regulation which attenuate the countercyclical regulation justified by the negative default externalities.

引用

页码：1397 / 1438

页数：42

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