| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19156 |
| 来源ID | Working Paper 19156 |
| Concentration in Mortgage Lending, Refinancing Activity and Mortgage Rates | |
| David S. Scharfstein; Adi Sunderam | |
| 发表日期 | 2013-06-20 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We present evidence that high concentration in local mortgage lending reduces the sensitivity of mortgage rates and refinancing activity to mortgage-backed security (MBS) yields. A decrease in MBS yields is typically associated with greater refinancing activity and lower rates on new mortgages. However, this effect is dampened in counties with concentrated mortgage markets. We isolate the direct effect of mortgage market concentration and rule out alternative explanations based on borrower, loan, and collateral characteristics in two ways. First, we use a matching procedure to compare high- and low-concentration counties that are very similar on observable characteristics and find similar results. Second, we examine counties where concentration in mortgage lending is increased by bank mergers. We show that within a given county, sensitivities to MBS yields decrease after a concentration-increasing merger. Our results suggest that the strength of the housing channel of monetary policy transmission varies in both the time series and the cross section. In the cross section, increasing concentration by one standard deviation reduces the overall impact of a decline in MBS yields by approximately 50%. In the time series, a decrease in MBS yields today has a 40% smaller effect on the average county than it would have had in the 1990s because of higher concentration today. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; Industrial Organization ; Industry Studies |
| URL | https://www.nber.org/papers/w19156 |
| 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/576830 |
| 推荐引用方式 GB/T 7714 | David S. Scharfstein,Adi Sunderam. Concentration in Mortgage Lending, Refinancing Activity and Mortgage Rates. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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