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来源类型Working Paper
规范类型报告
DOI10.3386/w23154
来源IDWorking Paper 23154
The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy
Andrew Fieldhouse; Karel Mertens; Morten O. Ravn
发表日期2017-02-13
出版年2017
语种英语
摘要We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy changes leading to expansions or contractions in agency mortgage holdings. Based on those regulatory events that we classify as unrelated to short-run cyclical or credit market shocks, we find that an increase in mortgage purchases by the agencies boosts mortgage lending, in particular refinancing, and lowers mortgage rates. Agency purchases influence prices in other asset markets, stimulate residential investment and expand homeownership. Using information in GSE stock prices to construct an alternative instrument for agency purchasing activity yields very similar results as our benchmark narrative identification approach.
主题Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; Regional and Urban Economics ; Real Estate
URLhttps://www.nber.org/papers/w23154
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/580828
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Andrew Fieldhouse,Karel Mertens,Morten O. Ravn. The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy. 2017.
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