住房信贷政策的异质性溢出效应

IF 2.3 3区经济学 Q2 ECONOMICS

Review of Economic Dynamics Pub Date : 2023-12-01 DOI:10.1016/j.red.2022.11.005

Myroslav Pidkuyko

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引用次数: 0

摘要

我们研究了政府干预抵押贷款市场对家庭消费的溢出效应。扩张性信贷政策显著增加了有抵押贷款债务的房主的消费，而没有抵押贷款债务的房主的消费反应则很小且不显著。非房主也会增加消费，但增幅小于抵押贷款者。我们还发现不同年龄段的家庭有不同的反应。我们通过一个具有不完全市场和内生住房选择的生命周期模型来解释这些事实。信贷和利率的下行压力通过再融资渠道为抵押者创造了额外财富。

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Heterogeneous spillovers of housing credit policy

We study the spillovers from government intervention in the mortgage market on households' consumption. Expansionary credit policy increases the consumption of homeowners with mortgage debt significantly, while the consumption response of homeowners without mortgage debt is small and insignificant. Non-homeowners also increase their consumption but less than mortgagors. We also find heterogeneous responses of households of different ages. We explain these facts through a life-cycle model with incomplete markets and endogenous housing choice. Downward pressure on the credit and interest rates creates extra wealth for the mortgagors via the refinancing channel.

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来源期刊

Review of Economic Dynamics ECONOMICS-

CiteScore

3.30

自引率

0.00%

发文量

期刊介绍： Review of Economic Dynamics publishes meritorious original contributions to dynamic economics. The scope of the journal is intended to be broad and to reflect the view of the Society for Economic Dynamics that the field of economics is unified by the scientific approach to economics. We will publish contributions in any area of economics provided they meet the highest standards of scientific research.