G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16456
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
URLhttps://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.
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