| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11830 |
| DP11830 The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy | |
| Morten Ravn; Karel Mertens; Andrew Fieldhouse | |
| 发表日期 | 2017-02-06 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy changes leading to expansions or contractions in agency mortgage holdings. Based on those regulatory events that we classify as unrelated to short-run cyclical or credit market shocks, we find that an increase in mortgage purchases by the agencies boosts mortgage lending and lowers mortgage rates. Agency purchases influence prices in other asset markets and stimulate residential investment. Using information in GSE stock prices to construct an alternative instrument for agency purchasing activity yields very similar results as our benchmark narrative identification approach. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Credit policy monetary policy Mortgage credit Residential investment Gses |
| URL | https://cepr.org/publications/dp11830 |
| 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/540643 |
| 推荐引用方式 GB/T 7714 | Morten Ravn,Karel Mertens,Andrew Fieldhouse. DP11830 The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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