TY - JOUR
T1 - Credit supply and the housing boom
AU - Justiniano, Alejandro
AU - Primiceri, Giorgio E.
AU - Tambalotti, Andrea
N1 - Publisher Copyright:
© 2019 by The University of Chicago. All rights reserved.
PY - 2019/6/1
Y1 - 2019/6/1
N2 - An increase in credit supply driven by looser lending constraints in the mortgage market is the key force behind four empirical features of the housing boom before the Great Recession: the unprecedented rise in home prices, the surge in household debt, the stability of debt relative to house values, and the fall in mortgage rates. These facts are more difficult to reconcile with the popular view that attributes the housing boom only to looser borrowing constraints associated with lower collateral requirements, because they shift the demand for credit.
AB - An increase in credit supply driven by looser lending constraints in the mortgage market is the key force behind four empirical features of the housing boom before the Great Recession: the unprecedented rise in home prices, the surge in household debt, the stability of debt relative to house values, and the fall in mortgage rates. These facts are more difficult to reconcile with the popular view that attributes the housing boom only to looser borrowing constraints associated with lower collateral requirements, because they shift the demand for credit.
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U2 - 10.1086/701440
DO - 10.1086/701440
M3 - Article
AN - SCOPUS:85056958906
SN - 0022-3808
VL - 127
SP - 1317
EP - 1350
JO - Journal of Political Economy
JF - Journal of Political Economy
IS - 3
ER -