Leverage and House-Price Dynamics in U.S. Cities
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In this paper, we use city-level data to analyze the relationship between homeowner borrowing patterns and house-price dynamics. Our principal finding is that in cities where homeowners are more leveraged--i.e., have higher loan-to-value ratios--house prices react more sensitively to city-specific
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美国国家经济研究局创建时间：
1997-03-01
