| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23784 |
| 来源ID | Working Paper 23784 |
| The Mortgage Rate Conundrum | |
| Alejandro Justiniano; Giorgio E. Primiceri; Andrea Tambalotti | |
| 发表日期 | 2017-09-11 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We uncover this phenomenon by analyzing a large dataset with millions of loan-level observations, which allows us to control for the impact of varying loan, borrower and geographic characteristics. These detailed data also reveal that delinquency rates started to rise for loans originated after mid 2003, exactly when mortgage rates disconnected from Treasury yields and credit became relatively cheaper. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w23784 |
| 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/581458 |
| 推荐引用方式 GB/T 7714 | Alejandro Justiniano,Giorgio E. Primiceri,Andrea Tambalotti. The Mortgage Rate Conundrum. 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 | ||
| w23784.pdf（815KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
