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Credit Supply and the Housing Boom

Author

Listed:
  • Alejandro Justiniano
  • Giorgio E. Primiceri
  • Andrea Tambalotti

Abstract

An increase in credit supply driven by looser lending constraints in the mortgage market is the key force behind four empirical features of the housing boom before the Great Recession: the unprecedented rise in home prices, the surge in household debt, the stability of debt relative to house values, and the fall in mortgage rates. These facts are more difficult to reconcile with the popular view that attributes the housing boom only to looser borrowing constraints associated with lower collateral requirements, because they shift the demand for credit.

Suggested Citation

  • Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2019. "Credit Supply and the Housing Boom," Journal of Political Economy, University of Chicago Press, vol. 127(3), pages 1317-1350.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/701440
    DOI: 10.1086/701440
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    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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