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Monetary Policy and Homeowner Mobility: The Effect of Mortgage interest Rates


  • John M. Quigley

    () (University of California, Berkeley)


This paper tests the "lock-in" effect of mortgage contract terms and establishes the link between changes in market interest rates and homeowner mobility. The analysis is based on the Panel Study of Income Dynamics during 1990-1993, when mortgage interest rates declined by almost 30 percent

Suggested Citation

  • John M. Quigley, 2001. "Monetary Policy and Homeowner Mobility: The Effect of Mortgage interest Rates," Economics Bulletin, AccessEcon, vol. 4(1), pages 1-10.
  • Handle: RePEc:ebl:ecbull:eb-01d10001

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    References listed on IDEAS

    1. Weinberg, Daniel H. & Friedman, Joseph & Mayo, Stephen K., 1981. "Intraurban residential mobility: The role of transactions costs, market imperfections, and household disequilibrium," Journal of Urban Economics, Elsevier, vol. 9(3), pages 332-348, May.
    2. Quigley, John M, 1987. "Interest Rate Variations, Mortgage Prepayments and Household Mobility," The Review of Economics and Statistics, MIT Press, vol. 69(4), pages 636-643, November.
    3. Potepan, Michael J., 1989. "Interest rates, income, and home improvement decisions," Journal of Urban Economics, Elsevier, vol. 25(3), pages 282-294, May.
    4. Dynarski, Mark, 1985. "Housing demand and disequilibrium," Journal of Urban Economics, Elsevier, vol. 17(1), pages 42-57, January.
    5. Kiel, Katherine A., 1994. "The Impact of House Price Appreciation on Household Mobility," Journal of Housing Economics, Elsevier, vol. 3(2), pages 92-108, June.
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    More about this item

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers


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