Credit Supply and the Housing Boom

• 成果类型: Article
• 署名作者: Justiniano, Alejandro; Primiceri, Giorgio E.; Tambalotti, Andrea
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Chicago; Northwestern University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/701440
• 发表日期: 2019
• 页码: 1317-1350
• 关键词: global imbalances; liquidity trap; DSGE model; constraints; leverage; prices; RISK; WEALTH; POLICY; debt

摘要

An increase in credit supply driven by looser lending constraints in the mortgage market is the key force behind four empirical features of the housing boom before the Great Recession: the unprecedented rise in home prices, the surge in household debt, the stability of debt relative to house values, and the fall in mortgage rates. These facts are more difficult to reconcile with the popular view that attributes the housing boom only to looser borrowing constraints associated with lower collateral requirements, because they shift the demand for credit.