Language:

House Prices and Credit Constraints: Making Sense of the US Experience

The Economic journal (London), 2011-05, Vol.121 (552), p.533-551 [Peer Reviewed Journal]

Full text available

Citations Cited by

Title:
House Prices and Credit Constraints: Making Sense of the US Experience
Author: Duca, John V. ; Muellbauer, John ; Murphy, Anthony
Subjects: Commercial property ; Consumer credit ; Credit ; Economic models ; Federal Reserve Bank ; Home improvement ; Housing ; Housing finance ; Housing market ; Housing prices ; Income taxes ; Labor theories of value ; Market analysis ; Mortgage credit ; Mortgage loans ; Mortgage markets ; Mortgages ; Real estate market ; Real estate valuation ; Rentals ; Studies ; U.S.A ; User costs
Is Part Of: The Economic journal (London), 2011-05, Vol.121 (552), p.533-551
Description: Most US house price models break down in the mid-2000s, due to the omission of exogenous changes in mortgage credit supply (associated with the sub-prime mortgage boom) from house priceto-rent ratio and inverted housing demand models. Previous models lack data on credit constraints facing first-time home-buyers. Incorporating a measure of credit conditions — the cyclically adjusted loan-to-value ratio for first-time buyers - into house price-to-rent ratio models yields stable long-run relationships, more precisely estimated effects, reasonable speeds of adjustment and improved model fits.
Publisher: Oxford, UK: Blackwell Publishing Ltd
Language: English
Identifier: ISSN: 0013-0133
EISSN: 1468-0297
DOI: 10.1111/j.1468-0297.2011.02424.x
CODEN: ECJOAB
Source: Alma/SFX Local Collection

Back to results list

Previous Result 50 Next Go to Next page


INSPIRE LIBRARY - TON DUC THANG UNIVERSITY	(84-028) 37 755 057	Feedback
19 Nguyen Huu Tho St. Dist.7, HCM	thuvien@tdtu.edu.vn	Feedback

Searching Remote Databases, Please Wait