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
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