| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12265 |
| DP12265 The Mortgage Rate Conundrum | |
| Giorgio Primiceri; Alejandro Justiniano; Andrea Tambalotti | |
| 发表日期 | 2017-09-01 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We uncover this phenomenon by analyzing a large dataset with millions of loan-level observations, which allows us to control for the impact of varying loan, borrower and geographic characteristics. These detailed data also reveal that delinquency rates started to rise for loans originated after mid 2003, exactly when mortgage rates disconnected from Treasury yields and credit became relatively cheaper. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Credit boom Housing boom Securitization Private label Subprime |
| URL | https://cepr.org/publications/dp12265 |
| 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/541076 |
| 推荐引用方式 GB/T 7714 | Giorgio Primiceri,Alejandro Justiniano,Andrea Tambalotti. DP12265 The Mortgage Rate Conundrum. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
