Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/149645
Year of Publication: 
2017
Series/Report no.: 
IWH Discussion Papers No. 3/2017
Publisher: 
Leibniz-Institut für Wirtschaftsforschung Halle (IWH), Halle (Saale)
Abstract: 
This paper investigates the link between mortgage supply shocks at the banklevel and regional house price growth in the U.S. using micro-level data on mortgage markets from the Home Mortgage Disclosure Act for the 1990-2014 period. Our results suggest that bank-specific mortgage supply shocks indeed affect house price growth at the regional level. The larger the idiosyncratic shocks to newly issued mortgages, the stronger is house price growth. We show that the positive link between idiosyncratic mortgage shocks and regional house price growth is very robust and economically meaningful, however not very persistent since it fades out after two years.
Subjects: 
house prices
idiosyncratic shocks
granularity
credit supply
JEL: 
E44
G21
R20
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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