Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/231980
Authors: 
Bremus, Franziska
Krause, Thomas
Noth, Felix
Year of Publication: 
2021
Series/Report no.: 
IWH Discussion Papers No. 3/2021
Abstract: 
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.
Subjects: 
credit supply shocks
mortgage market concentration
real effects from housing markets
JEL: 
E44
G21
R20
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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