| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16456 |
| DP16456 Mortgage Pricing and Monetary Policy | |
| Matteo Benetton; Alessandro Gavazza; Paolo Surico | |
| 发表日期 | 2021-08-15 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper provides novel evidence on lenders' mortgage pricing and how central bank policies affected it. Using the universe of mortgages originated in the U.K., we show that lenders seek to segment the market by offering two-part tariffs composed of interest rates and origination fees, and that during recent periods of unconventional monetary policy, such as the U.K.'s Funding for Lending Scheme, lenders decreased interest rates and increased origination fees. To understand lenders' pricing strategies and their effects on market equilibrium, we develop and estimate a structural discrete-continuous model of mortgage demand and lender competition in which borrowers may have different sensitivities to rates and fees. We use the estimated model to decompose the effects of unconventional monetary policies on mortgage pricing and lending, and find that central bank policies increased borrower surplus and lender profits. Moreover, although origination fees allow lenders to price discriminate and capture surplus, banning fees would lower borrower surplus and aggregate welfare. |
| 主题 | Financial Economics ; Industrial Organization ; Monetary Economics and Fluctuations |
| 关键词 | Mortgages monetary policy Price discrimination |
| URL | https://cepr.org/publications/dp16456-0 |
| 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/545414 |
| 推荐引用方式 GB/T 7714 | Matteo Benetton,Alessandro Gavazza,Paolo Surico. DP16456 Mortgage Pricing and Monetary Policy. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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