-correction equations for Canadian aggregate consumption, house prices and mortgage debt. We find strong evidence that, after controlling … increase the mortgage down-payment requirement and reduce consumption, although there is evidence for some attenuation of this … mostly explained by movements in incomes, housing supply, mortgage interest rates and credit conditions, suggesting that the …

housing boom accelerated, fueled by rapid growth in mortgage lending. There is deep disagreement about how, or even if … tightening induced a large reduction in banks' deposit funding, which led them to contract new on-balance sheet mortgage lending … originators. Fed tightening thus induced a shift in the mortgage market away from stable, insured deposit funding toward run …

Mortgage refinancing activity associated with extraction of home equity contains a strongly counter-cyclical component … empirically evaluate its predictions for the households' choices of leverage, liquid assets, and mortgage refinancing using micro …

This paper provides evidence for the propagation of idiosyncratic mortgage supply shocks to the macroeconomy. Based on … micro-level data from the Home Mortgage Disclosure Act for the 1990-2016 period, our results suggest that lender …-specific mortgage supply shocks affect aggregate mortgage, house price, and employment dynamics at the regional level. The larger the …

This paper provides evidence for the propagation of idiosyncratic mortgage supply shocks to the macroeconomy. Based on … micro-level data from the Home Mortgage Disclosure Act for the 1990-2016 period, our results suggest that lender …-specific mortgage supply shocks affect aggregate mortgage, house price, and employment dynamics at the regional level. The larger the …

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. …