Leverage and house-price dynamics in US cities

• 成果类型: Article
• 署名作者: Lamont, O; Stein, JC
• 署名单位: University of Chicago; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
• 刊物名称: RAND JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0741-6261
• DOI: 10.2307/2556060
• 发表日期: 1999
• 页码: 498-514
• 关键词: market; MODEL

摘要

We use city-level data to analyze the relationship between homeowner borrowing patterns and house-price dynamics. Our principal finding is that in cities were a greater fraction of homeowners are highly leveraged-i.e., have high loan-to-value ratios-house prices react more sensitively to city-specific shocks, such as changes in per-capita income. This finding is consistent with recent theories that emphasize the role of borrowing in shaping the behavior of asset prices.