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The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy / Andrew Fieldhouse, Karel Mertens, Morten O. Ravn.
- Format:
- Book
- Author/Creator:
- Fieldhouse, Andrew.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w23154.
- NBER working paper series no. w23154
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Macroeconomic Effects of Government Asset Purchases
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2017.
- Summary:
- We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy changes leading to expansions or contractions in agency mortgage holdings. Based on those regulatory events that we classify as unrelated to short-run cyclical or credit market shocks, we find that an increase in mortgage purchases by the agencies boosts mortgage lending, in particular refinancing, and lowers mortgage rates. Agency purchases influence prices in other asset markets, stimulate residential investment and expand homeownership. Using information in GSE stock prices to construct an alternative instrument for agency purchasing activity yields very similar results as our benchmark narrative identification approach.
- Notes:
- Print version record
- February 2017.
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