| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8361 |
| DP8361 Shifting Credit Standards and the Boom and Bust in US House Prices | |
| John Muellbauer; Anthony Murphy; John V Duca | |
| 发表日期 | 2011-04-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The U.S. house price boom has been linked to an unsustainable easing of mortgage credit standards. However, standard time series models of US house prices omit credit constraints and perform poorly in the 2000?s. We incorporate data on credit constraints for first time buyers into a model of US house prices based on the (inverted) demand for housing services. The model yields not only a stable long-run cointegrating relationship, a reasonable speed of adjustment, plausible income and price elasticities and an improved fit, but also sensible estimates of tax credit effects and the possible bottom in real house prices. |
| 主题 | International Macroeconomics |
| 关键词 | House prices Credit standards Subprime mortgages |
| URL | https://cepr.org/publications/dp8361 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537188 |
| 推荐引用方式 GB/T 7714 | John Muellbauer,Anthony Murphy,John V Duca. DP8361 Shifting Credit Standards and the Boom and Bust in US House Prices. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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