Replication data for: Regional Redistribution through the US Mortgage Market
Principal Investigator(s): View help for Principal Investigator(s) Erik Hurst; Benjamin J. Keys; Amit Seru; Joseph Vavra
Version: View help for Version V1
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| 20151052_data | 10/12/2019 04:49:AM | ||
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text/plain | 14.6 KB | 10/12/2019 12:50:AM |
Project Citation:
Hurst, Erik, Keys, Benjamin J., Seru, Amit, and Vavra, Joseph. Replication data for: Regional Redistribution through the US Mortgage Market. Nashville, TN: American Economic Association [publisher], 2016. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113081V1
Project Description
Summary:
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Regional shocks are an important feature of the US economy. Households' ability to self-insure against these shocks depends on how they affect local interest rates. In the United States, most borrowing occurs through the mortgage market and is influenced by the presence of government-sponsored enterprises (GSE). We establish that despite large regional variation in predictable default risk, GSE mortgage rates for otherwise identical loans do not vary spatially. In contrast, the private market does set interest rates which vary with local risk. We use a spatial model of collateralized borrowing to show that the national interest rate policy substantially affects welfare by redistributing resources across regions.
Scope of Project
JEL Classification:
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E32 Business Fluctuations; Cycles
E43 Interest Rates: Determination, Term Structure, and Effects
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G28 Financial Institutions and Services: Government Policy and Regulation
L32 Public Enterprises; Public-Private Enterprises
R11 Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
R31 Housing Supply and Markets
E32 Business Fluctuations; Cycles
E43 Interest Rates: Determination, Term Structure, and Effects
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G28 Financial Institutions and Services: Government Policy and Regulation
L32 Public Enterprises; Public-Private Enterprises
R11 Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
R31 Housing Supply and Markets
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