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Name File Type Size Last Modified
  20151052_data 10/12/2019 04:49:AM
LICENSE.txt 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:  View help for Summary 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:  View help for JEL Classification
      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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