Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This … paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of …

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for … course of the 20th century, driven by a sharp rise of mortgage lending to households. Household debt to asset ratios have …

market for non-foreclosures and reduce price and sales volume by eroding lender equity, destroying the credit of potential … recent bust, the model reveals that the amplification generated by foreclosures is significant: Ruined credit and choosey …

mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with … policy. Designs that raise mortgage payments in booms and lower them in recessions do better than designs with fixed mortgage … reductions over the life of the mortgage. Front-loading alleviates household liquidity constraints in states where they are most …

.S. household leverage from 2002 to 2006 and the increase in defaults from 2006 to 2008. Employing land topology-based housing … pay down high credit card balances, which suggests that borrowed funds may be used for real outlays (i.e., consumption or … home improvement). Home equity-based borrowing is stronger for younger households, households with low credit scores, and …

leverage, precautionary saving in liquid assets and illiquid home equity, debt repayment, mortgage refinancing, and default …

credit market shocks, we find that an increase in mortgage purchases by the agencies boosts mortgage lending, in particular …We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets … in agency mortgage holdings. Based on those regulatory events that we classify as unrelated to short-run cyclical or …

The housing boom that preceded the Great Recession was due to an increase in credit supply driven by looser lending … constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical … fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing boom to …