Abstract

In this paper, we use two comprehensive micro-data sets to study how the distribution of mortgage debt evolved during the 2000s housing boom. We show that the allocation of mortgage debt across the income distribution remained stable, as did the allocation of real estate assets. Any theory of the boom must replicate these facts, and a general equilibrium model shows that doing so requires two elements: (1) an exogenous shock that increases expected house price growth or, alternatively, reduces interest rates and (2) financial markets that endogenously relax borrowing constraints in response to the shock. Empirically, the endogenous relaxation of constraints was largely accomplished with subprime lending, which allowed the mortgage debt of low-income households to increase at the same rate as that of high-income households.

中文翻译：

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房地产市场繁荣期间抵押债务的跨部门模式：证据和启示

摘要

在本文中，我们使用两个全面的微观数据集来研究2000年代房地产繁荣期间抵押债务的分布如何演变。我们表明，抵押贷款债务在收入分配中的分配保持稳定，房地产资产的分配也保持稳定。任何有关繁荣的理论都必须复制这些事实，并且一般的均衡模型表明，这样做需要两个要素：（1）外来冲击，增加预期的房价增长或降低利率；（2）内生的金融市场放宽借款限制以应对冲击。从经验上讲，约束的内生放松很大程度上是通过次级抵押贷款实现的，次级抵押贷款使低收入家庭的抵押债务与高收入家庭的抵押债务增长速度相同。