| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8360 |
| DP8360 House Prices and Credit Constraints: Making Sense of the US Experience | |
| John Muellbauer; Anthony Murphy; John V Duca | |
| 发表日期 | 2011-04-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Most US house price models break down in the mid-2000's, due to the omission of exogenous changes in mortgage credit supply (associated with the sub-prime mortgage boom) from house price-to-rent ratio and inverted housing demand models. Previous models lack data on credit constraints facing first-time home-buyers. Incorporating a measure of credit conditions--the cyclically adjusted loan-to-value ratio for first time buyers--into house price to rent ratio models yields stable long-run relationships, more precisely estimated effects, reasonable speeds of adjustment and improved model fits. |
| 主题 | International Macroeconomics |
| 关键词 | House prices Credit standards Subprime mortgages House price to rent ratio |
| URL | https://cepr.org/publications/dp8360 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537187 |
| 推荐引用方式 GB/T 7714 | John Muellbauer,Anthony Murphy,John V Duca. DP8360 House Prices and Credit Constraints: Making Sense of the US Experience. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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