| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25649 |
| 来源ID | Working Paper 25649 |
| How Monetary Policy Shaped the Housing Boom | |
| Itamar Drechsler; Alexi Savov; Philipp Schnabl | |
| 发表日期 | 2019-03-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Between 2003 and 2006, the Federal Reserve raised rates by 4.25%. Yet it was precisely during this period that the housing boom accelerated, fueled by rapid growth in mortgage lending. There is deep disagreement about how, or even if, monetary policy impacted the boom. Using heterogeneity in banks' exposures to the deposits channel of monetary policy, we show that Fed tightening induced a large reduction in banks' deposit funding, leading them to contract new on-balance-sheet lending for home purchases by 26%. However, an unprecedented expansion in privately-securitized loans, led by nonbanks, largely offset this contraction. Since privately-securitized loans are neither GSE-insured nor deposit-funded, they are run-prone, which made the mortgage market fragile. Consistent with our theory, the re-emergence of privately-securitized mortgages has closely tracked the recent increase in rates. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w25649 |
| 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/583323 |
| 推荐引用方式 GB/T 7714 | Itamar Drechsler,Alexi Savov,Philipp Schnabl. How Monetary Policy Shaped the Housing Boom. 2019. |
| 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 | ||
| w25649.pdf（522KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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