| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23154 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w23154 |
| 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/580828 |
| 推荐引用方式 GB/T 7714 | Andrew Fieldhouse,Karel Mertens,Morten O. Ravn. The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy. 2017. |
| 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 | ||
| w23154.pdf（3598KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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