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The Environmental Cost of Easy Credit: The Housing Channel / Manuel Adelino, David T. Robinson.
- Format:
- Book
- Author/Creator:
- Adelino, Manuel.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w31769.
- NBER working paper series no. w31769
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2023.
- Summary:
- Heating, cooling, and powering the residential housing stock accounts for about one-fifth of total annual greenhouse gas emissions in the US. Home size is a key determinant of energy intensity. The average newly built single-family home is 50% larger than in the 1950s. Using distinct identification strategies spanning the last four decades of banking history, we show that more abundant credit increases average new home size. It also facilitates more construction but does not produce offsetting increases in home quality or durability. These results highlight potential environmental costs associated with monetary policies that expand access to credit.
- Notes:
- Print version record
- October 2023.
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