Credit Supply and the Housing Boom

被引：89
|
作者：
Justiniano, Alejandro [1 ]
Primiceri, Giorgio E. [2 ,3 ,4 ]
Tambalotti, Andrea [5 ]
机构：
[1] Fed Reserve Bank Chicago, Chicago, IL 60604 USA
[2] Northwestern Univ, Evanston, IL 60208 USA
[3] Ctr Econ Policy Res, London, England
[4] NBER, Cambridge, MA 02138 USA
[5] Fed Reserve Bank New York, New York, NY 10045 USA
来源：
JOURNAL OF POLITICAL ECONOMY | 2019年 / 127卷 / 03期
关键词：
GLOBAL IMBALANCES; LIQUIDITY TRAP; DSGE MODEL; CONSTRAINTS; LEVERAGE; PRICES; RISK; WEALTH; POLICY; DEBT;
D O I：
10.1086/701440
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
An increase in credit supply driven by looser lending constraints in the mortgage market is the key force behind four empirical features of the housing boom before the Great Recession: the unprecedented rise in home prices, the surge in household debt, the stability of debt relative to house values, and the fall in mortgage rates. These facts are more difficult to reconcile with the popular view that attributes the housing boom only to looser borrowing constraints associated with lower collateral requirements, because they shift the demand for credit.
引用
收藏
页码：1317 / 1350
页数：34
相关论文
共 50 条
  • [1] Credit constraints, inelastic supply, and the housing boom
    Chu, Yongqiang
    [J]. REVIEW OF ECONOMIC DYNAMICS, 2014, 17 (01) : 52 - 69
  • [2] Credit Supply and Housing Speculation
    Mian, Atif
    Sufi, Amir
    [J]. REVIEW OF FINANCIAL STUDIES, 2022, 35 (02): : 680 - 719
  • [3] Credit Supply and the Price of Housing
    Favara, Giovanni
    Imbs, Jean
    [J]. AMERICAN ECONOMIC REVIEW, 2015, 105 (03): : 958 - 992
  • [4] Regional housing supply and credit constraints
    Mayer, CJ
    Somerville, CT
    [J]. NEW ENGLAND ECONOMIC REVIEW, 1996, : 39 - +
  • [5] Does housing boom lead to credit boom or is it the other way around? The case of China
    Shen, Chung-Hua
    Lee, Yen Hsien
    Wu, Meng-Wen
    Guo, Na
    [J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2016, 42 : 349 - 367
  • [6] Housing Demand During the Boom: The Role of Expectations and Credit Constraints
    Landvoigt, Tim
    [J]. REVIEW OF FINANCIAL STUDIES, 2017, 30 (06): : 1865 - 1902
  • [7] Housing Boom and Bust: Owner Occupation, Government Regulation and the Credit Crunch
    Ronald, Richard
    [J]. JOURNAL OF PLANNING EDUCATION AND RESEARCH, 2012, 32 (01) : 116 - 118
  • [8] Housing Boom and Bust: Owner Occupation, Government Regulation and the Credit Crunch
    Harrison, Malcolm
    [J]. INTERNATIONAL JOURNAL OF HOUSING POLICY, 2011, 11 (02): : 221 - 227
  • [9] Leaning against boom-bust cycles in credit and housing prices
    Lambertini, Luisa
    Mendicino, Caterina
    Punzi, Maria Teresa
    [J]. JOURNAL OF ECONOMIC DYNAMICS & CONTROL, 2013, 37 (08): : 1500 - 1522
  • [10] Regional Supply and Demand Fundamentals in the German Housing Price Boom
    Brausewetter, Lars
    Thomsen, Stephan L.
    Trunzer, Johannes
    [J]. GERMAN ECONOMIC REVIEW, 2024, 25 (01) : 1 - 36
12345