| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12967 |
| 来源ID | Working Paper 12967 |
| Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market | |
| Kristopher Gerardi; Harvey S. Rosen; Paul Willen | |
| 发表日期 | 2007-03-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | The U.S. mortgage market has experienced phenomenal change over the last 35 years. This paper develops and implements a technique for assessing the impact of changes in the mortgage market on households. Our framework, which is based on the permanent income hypothesis, that allows us to gauge the importance of borrowing constraints by estimating the empirical relationship between the value of a household's home purchase and its future income. We find that over the past several decades, housing markets have become less imperfect in the sense that households are now more able to buy homes whose values are consistent with their long-term income prospects. One issue that has received particular attention is the role that the housing Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, have played in improving the market for housing finance. We find no evidence that the GSEs' activities have contributed to this phenomenon. This is true whether we look at all homebuyers, or at subsamples of the population whom we might expect to benefit particularly from GSE activity, such as low-income households and first-time homebuyers. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Financial Institutions ; Public Economics |
| URL | https://www.nber.org/papers/w12967 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570633 |
| 推荐引用方式 GB/T 7714 | Kristopher Gerardi,Harvey S. Rosen,Paul Willen. Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12967.pdf（491KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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