| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10358 |
| DP10358 Credit Supply and the Housing Boom | |
| Andrea Tambalotti; Giorgio Primiceri; Alejandro Justiniano | |
| 发表日期 | 2015-01-25 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | The housing boom that preceded the Great Recession was due to an increase in credit supply driven by looser lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical observations: the unprecedented rise in home prices and household debt, the stability of debt relative to house values, and the fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing boom to looser borrowing constraints associated with lower collateral requirements. In fact, a slackening of collateral constraints at the peak of the lending cycle triggers a fall in home prices in our framework, providing a novel perspective on the possible origins of the bust. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Collateral constraints House prices Housing and credit boom Leverage restrictions |
| URL | https://cepr.org/publications/dp10358 |
| 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/539189 |
| 推荐引用方式 GB/T 7714 | Andrea Tambalotti,Giorgio Primiceri,Alejandro Justiniano. DP10358 Credit Supply and the Housing Boom. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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