attention is paid to the challenges that the real estate market and mortgage loans have been facing during the crisis caused by …

important determinant of the contraction of credit in the mortgage market, but as separate from the precipitous fall in credit … to liquidity risk contracted their supply of credit more sharply. I contribute to the identification of this effect by … relying on the use of micro-level data on US mortgage loan applications, which allows me to identify liquidity risk as an …