Data and Code for: Do Credit Conditions Move House Prices?

Principal Investigator(s):  View help for Principal Investigator(s) Daniel Greenwald, New York University; Adam Guren, Boston University

Version:  View help for Version V1

Name File Type Size Last Modified
baseline_full_boom_pf.mod text/plain 30.8 KB 08/10/2025 12:36:PM
baseline_irfs.mod text/plain 27.8 KB 08/10/2025 12:36:PM
baseline_macropru_pf.mod text/plain 30.7 KB 08/10/2025 12:36:PM
baseline_r10_stnds_only_pf.mod text/plain 29.1 KB 08/10/2025 12:36:PM
baseline_r10_stnds_rates_pf.mod text/plain 30.5 KB 08/10/2025 12:36:PM
baseline_r1_stnds_only_pf.mod text/plain 29.1 KB 08/10/2025 12:36:PM
baseline_r1_stnds_rates_pf.mod text/plain 30.5 KB 08/10/2025 12:36:PM
baseline_r2_stnds_only_pf.mod text/plain 29.1 KB 08/10/2025 12:36:PM
baseline_r2_stnds_rates_pf.mod text/plain 30.5 KB 08/10/2025 12:36:PM
baseline_r3_stnds_only_pf.mod text/plain 29.1 KB 08/10/2025 12:36:PM
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Project Description

Summary:  View help for Summary Abstract: Did credit drive the 2000s housing cycle? The existing literature's findings range from credit having no effect to credit explaining most of the cycle. We show that these disparate results hinge on the extent to which landlords absorb credit-driven demand, which depends on the degree of housing market segmentation. We develop a model that nests cases between the extremes of no segmentation and perfect segmentation typically considered, estimate an elasticity that pins down the degree of segmentation, and use it to calibrate our model. We find that credit standards played an important role, explaining 32% to 53% of the boom.

Scope of Project

Subject Terms:  View help for Subject Terms house prices; mortgages; homeownership; credit; rental markets
JEL Classification:  View help for JEL Classification
      E44 Financial Markets and the Macroeconomy
      G51 Household Finance: Household Saving, Borrowing, Debt, and Wealth
      R31 Housing Supply and Markets
Geographic Coverage:  View help for Geographic Coverage United States
Universe:  View help for Universe Core-Based Statistical Areas in the United States
Data Type(s):  View help for Data Type(s) aggregate data; program source code

Methodology

Data Source:  View help for Data Source CBRE Economic Advisors, 2018
CoreLogic, 2018
"Credit Induced Boom and Bust." Marco Di Maggo and Amir Kermani, 2017
"Credit Supply and Housing Speculation." Atif Mian and Amir Sufi, 2022
SmartyStreets, 2020, 2021
Federal Housing Finance Agency, 2018, 2023
Federal Reserve Board of Governors, 2021, 2023
"The Geographic Determinants of Housing Supply." Albert Saiz, 2010
Infutor, 2019
IPUMS National Historical Geographic Information System, 2022
U.S. Bureau of Economic Analysis, 2022
U.S. Census Bureau, 2017 - 2023
U.S. Department of Housing and Urban Development, 2020
Zillow, 2021

Unit(s) of Observation:  View help for Unit(s) of Observation US Core-Based Statistical Area
Geographic Unit:  View help for Geographic Unit US Core-Based Statistical Area

Related Publications

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Published Versions

V1 [2025-09-26]

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