| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16230 |
| 来源ID | Working Paper 16230 |
| Can Cheap Credit Explain the Housing Boom? | |
| Edward L. Glaeser; Joshua D. Gottlieb; Joseph Gyourko | |
| 发表日期 | 2010-07-27 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Between 1996 and 2006, real housing prices rose by 53 percent according to the Federal Housing Finance Agency price index. One explanation of this boom is that it was caused by easy credit in the form of low real interest rates, high loan-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the predicted impact of interest rates on prices is much lower once the model is generalized to include mean-reverting interest rates, mobility, prepayment, elastic housing supply, and credit-constrained home buyers. The modest predicted impact of interest rates on prices is in line with empirical estimates, and it suggests that lower real rates can explain only one-fifth of the rise in prices from 1996 to 2006. We also find no convincing evidence that changes in approval rates or loan-to-value levels can explain the bulk of the changes in house prices, but definitive judgments on those mechanisms cannot be made without better corrections for the endogeneity of borrowers' decisions to apply for mortgages. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w16230 |
| 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/573905 |
| 推荐引用方式 GB/T 7714 | Edward L. Glaeser,Joshua D. Gottlieb,Joseph Gyourko. Can Cheap Credit Explain the Housing Boom?. 2010. |
| 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 | ||
| w16230.pdf（442KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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