Lender-specific mortgage supply shocks and macroeconomic performance in the United States / Franziska Bremus, Thomas Krause, Felix Noth
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Discovery
1751442977
URN
urn:nbn:de:gbv:3:2-134318
DOI
ISBN
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Autorin / Autor
Beiträger
Körperschaft
Erschienen
Halle (Saale), Germany : Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, [15. März 2021]
Umfang
1 Online-Ressource (III, 42 Seiten, 4,91 MB) : Illustrationen, Diagramme
Ausgabevermerk
Sprache
eng
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Inhaltliche Zusammenfassung
This paper provides evidence for the propagation of idiosyncratic mortgage supply shocks to the macroeconomy. Based on micro-level data from the Home Mortgage Disclosure Act for the 1990-2016 period, our results suggest that lender-specific mortgage supply shocks affect aggregate mortgage, house price, and employment dynamics at the regional level. The larger the idiosyncratic shocks to newly issued mortgages, the stronger are mortgage, house price, and employment growth. While shocks at the level of shadow banks significantly affect mortgage and house price dynamics, too, they do not matter much for employment.
Schriftenreihe
IWH-Diskussionspapiere ; 2021, no. 3 (March 2021) ppn:837399270