Leverage and house-price dynamics in US cities

被引：111
作者：
Lamont, O [1 ]
Stein, JC
机构：
[1] Univ Chicago, Chicago, IL 60637 USA
[2] NBER, Cambridge, MA 02138 USA
[3] MIT, Cambridge, MA 02139 USA
来源：
RAND JOURNAL OF ECONOMICS | 1999年 / 30卷 / 03期
关键词：
D O I：
10.2307/2556060
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We use city-level data to analyze the relationship between homeowner borrowing patterns and house-price dynamics. Our principal finding is that in cities were a greater fraction of homeowners are highly leveraged-i.e., have high loan-to-value ratios-house prices react more sensitively to city-specific shocks, such as changes in per-capita income. This finding is consistent with recent theories that emphasize the role of borrowing in shaping the behavior of asset prices.
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收藏
页码：498 / 514
页数：17
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