| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21007 |
| 来源ID | Working Paper 21007 |
| Regional Redistribution Through the U.S. Mortgage Market | |
| Erik Hurst; Benjamin J. Keys; Amit Seru; Joseph S. Vavra | |
| 发表日期 | 2015-03-09 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Regional shocks are an important feature of the U.S. economy. Households' ability to self-insure against these shocks depends on how they affect local interest rates. In the United States, most borrowing occurs through the mortgage market and is influenced by the presence of government-sponsored enterprises (GSEs). We establish that despite large regional variation in predictable default risk, GSE mortgage rates for otherwise identical loans do not vary spatially. In contrast, the private market does set interest rates that vary with local risk. We use a spatial model of collateralized borrowing to show that the national interest rate policy substantially affects welfare by redistributing resources across regions. |
| 主题 | Macroeconomics ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w21007 |
| 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/578680 |
| 推荐引用方式 GB/T 7714 | Erik Hurst,Benjamin J. Keys,Amit Seru,et al. Regional Redistribution Through the U.S. Mortgage Market. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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