| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29391 |
| 来源ID | Working Paper 29391 |
| Do Credit Conditions Move House Prices? | |
| Daniel L. Greenwald; Adam Guren | |
| 发表日期 | 2021-10-25 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | To what extent did an expansion and contraction of credit drive the 2000s housing boom and bust? The existing literature lacks consensus, with findings ranging from credit having no effect to credit driving most of the house price cycle. We show that the key difference behind these disparate results is the extent to which credit insensitive agents such as landlords and unconstrained savers absorb credit-driven demand, which depends on the degree of segmentation in housing markets. We develop a model with frictional rental markets that allows us to consider cases in between the extremes of no segmentation and perfect segmentation typically assumed in the literature. We argue that the relative elasticities of the price-rent ratio and homeownership with respect to an identified credit shock is a sufficient statistic to measure the degree of segmentation. We estimate this moment using three different credit supply instruments and use it to calibrate our model. Our results reveal that rental markets are highly frictional and closer to fully segmented, which implies large effects of credit on house prices. In particular, changes to credit standards can explain between 34% and 55% of the rise in price-rent ratios over the boom. |
| 主题 | Macroeconomics ; Business Cycles ; Financial Economics ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w29391 |
| 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/587065 |
| 推荐引用方式 GB/T 7714 | Daniel L. Greenwald,Adam Guren. Do Credit Conditions Move House Prices?. 2021. |
| 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 | ||
| w29391.pdf（904KB） | 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。
