The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis
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We demonstrate that a rapid expansion in the supply of mortgages driven by disintermediation explains a large fraction of recent U.S. house price appreciation and subsequent mortgage defaults. We identify the effect of shifts in the supply of mortgage credit by exploiting within-county variation
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美国国家经济研究局创建时间：
2008-04-01
