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The Effect of Investor Credit Supply on Housing Prices
Prasad, Nalini; Gillitzer, Christian - 2021
a bank-level cap on mortgage credit growth to investors while the second policy placed a bank-level cap on the share of … interest-only mortgage lending. We show that the first policy caused a sharp and large drop in credit growth to investors …
Persistent link: https://www.econbiz.de/10013216986
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Mortgage default in an estimated model of the U.S. housing market
Lambertini, Luisa; Victoria, Nuguer; Uysal, Pinar - 2017
risk in the mortgage market raises the default rate and spreads to the rest of the economy, creating a recession. In our … model two shocks are well suited to replicate the subprime crisis and the Great Recession: the mortgage risk shock and the …. This policy is successful in stabilizing the mortgage market and makes all agents better off. …
Persistent link: https://www.econbiz.de/10011660977
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Betting the House
Jordà, Òscar - 2015
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 modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10013031150
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Income Falsification on Mortgage Applications During the Housing Bubble
DiLellio, James - 2015
We develop new measures to detect income falsification on mortgage applications during the housing bubble. We find that …
Persistent link: https://www.econbiz.de/10013035087
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Business cycle implications of mortgage spreads
Walentin, Karl - 2014 - September 2013 (Updated March 2014)
mortgage rates and government bonds? Using a structural VAR approach, we find that mortgage spread shocks impact the real …
Persistent link: https://www.econbiz.de/10010202977
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Credit supply and the housing boom
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2015
lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical …, and the fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing …
Persistent link: https://www.econbiz.de/10010482958
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Credit Supply and the Housing Boom
Justiniano, Alejandro - 2015
lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical …, and the fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing …
Persistent link: https://www.econbiz.de/10013017430
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The cyclical position of housing prices : a VECM approach for Hungary
Berki, Tamás; Szendrei, Tibor - 2017
This paper aims to estimate a long-term equilibrium price level for the Hungarian housing market by identifying key underlying macroeconomic factors. For this, in line with the empirical literature, a vector error correction model is employed. The housing market price level is mapped by the...
Persistent link: https://www.econbiz.de/10011603937
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Credit Supply and the Housing Boom
Justiniano, Alejandro - 2015
lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical …, and the fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing …
Persistent link: https://www.econbiz.de/10013028389
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The costs of macroprudential deleveraging in a liquidity trap
Chen, Jiaqian; Finocchiaro, Daria; Lindé, Jesper; … - 2021 - updated January 2021
What are the effects of different borrower-based macroprudential tools when both real and nominal interest rates are low? We study this question in a New Keynesian model featuring long-term debt, housing transaction costs and a zero lower bound constraint on policy rates. We find that the...
Persistent link: https://www.econbiz.de/10012229933