| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP14252
|
| DP14252 How Monetary Policy Shaped the Housing Boom |
| Philipp Schnabl; Alexi Savov
|
| 发表日期 | 2019-12-26
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | Between 2003 and 2006, the Federal Reserve raised rates by 4.25%. Yet it was precisely during this period that the housing boom accelerated, fueled by rapid growth in mortgage lending. There is deep disagreement about how, or even if, monetary policy impacted the boom. Using heterogeneity in banks' exposures to the deposits channel of monetary policy, we show that Fed tightening induced a large reduction in banks' deposit funding, leading them to contract new on-balance-sheet lending for home purchases by 26%. However, an unprecedented expansion in privately-securitized loans, led by nonbanks, largely offset this contraction. Since privately-securitized loans are neither GSE-insured nor deposit-funded, they are run-prone, which made the mortgage market fragile. Consistent with our theory, the re-emergence of privately-securitized mortgages has closely tracked the recent increase in rates. |
| 主题 | Financial Economics
|
| 关键词 | monetary policy
Mortgage lending
Banks
Securitization
Deposits
Private- label securitization
|
| URL | https://cepr.org/publications/dp14252
|
| 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/543138
|
推荐引用方式
GB/T 7714 |
Philipp Schnabl,Alexi Savov. DP14252 How Monetary Policy Shaped the Housing Boom. 2019.
|
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。
