The largest credit or liquidity program created by the Federal Reserve during the financial crisis was the mortgage …-backed securities (MBS) purchase program. In this paper, we examine the quantitative impact of this program on mortgage interest rate …. Our empirical results attribute a sizable portion of the decline in mortgage rates to such risks and a relatively small …

behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher …

This paper develops a general equilibrium model featuring tax deductible mortgage interest. There are two main results …: (i) a higher mortgage interest deduction leads to higher house prices, more levered households, and a higher rate of … mortgage default; (ii) when mortgage risk is high the presence of mortgage interest deduction leads to more volatile responses …

behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher …

We examine the quantitative impact of the Federal Reserve's mortgage-backed securities (MBS) purchase program. We focus … on how much of the recent decline in mortgage interest rate spreads can be attributed to these purchases. The question is …