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首页> 外文期刊>The Review of Economic Studies >Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications
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Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications

机译：住房繁荣期间抵押债务的横断面图案：证据和含义

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摘要

In this paper, we use two comprehensive micro-data sets to study how the distribution of mortgage debt evolved during the 2000s housing boom. We show that the allocation of mortgage debt across the income distribution remained stable, as did the allocation of real estate assets. Any theory of the boom must replicate these facts, and a general equilibrium model shows that doing so requires two elements: (1) an exogenous shock that increases expected house price growth or, alternatively, reduces interest rates and (2) financial markets that endogenously relax borrowing constraints in response to the shock. Empirically, the endogenous relaxation of constraints was largely accomplished with subprime lending, which allowed the mortgage debt of low-income households to increase at the same rate as that of high-income households.
机译：在本文中，我们使用两个全面的微观数据集来研究抵押贷款债务的分布在2000年代房地产繁荣期间是如何演变的。我们表明，抵押贷款债务在整个收入分配中的分配保持稳定，房地产资产的分配也保持稳定。任何繁荣理论都必须复制这些事实，而一般均衡模型表明，这样做需要两个要素：（1）增加预期房价增长的外生冲击，或者降低利率；（2）为应对冲击而内源性放松借贷约束的金融市场。从经验上看，约束的内生放松在很大程度上是通过次级贷款实现的，次级贷款允许低收入家庭的抵押贷款债务以与高收入家庭相同的速度增长。

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