作者：Lamont, O; Stein, JC
作者单位：University of Chicago; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
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.
