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Titel
Lender-specific mortgage supply shocks and macroeconomic performance in the United States / Franziska Bremus, Thomas Krause, Felix Noth
VerfasserBremus, Franziska ; Krause, Thomas ; Noth, Felix
ErschienenHalle (Saale), Germany : Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, [15. März 2021]
Umfang1 Online-Ressource (III, 42 Seiten, 4,91 MB) : Illustrationen, Diagramme
SpracheEnglisch
SerieIWH-Diskussionspapiere ; 2021, no. 3 (March 2021)
Schlagwörtercredit supply shocks / mortgage market concentration / real effects from housing markets
URNurn:nbn:de:gbv:3:2-134318 
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Lender-specific mortgage supply shocks and macroeconomic performance in the United States [4.91 mb]
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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.