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House Prices and Credit Constraints: Making Sense of the US Experience

Abstract:

Most US house price models break down in the mid-2000s, due to the omission of exogenous changes in mortgage credit supply (associated with the sub-prime mortgage boom) from house price-to-rent ratio and inverted housing demand models. Previous models lack data on credit constraints facing first-time home-buyers. Incorporating a measure of credit conditions - the cyclically adjusted loan-to-value ratio for first-time buyers - into house price-to-rent ratio models yields stable long-run relati...

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Publication status:
Published
Peer review status:
Not peer reviewed
Version:
Author's Original

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Publisher copy:
10.1111/j.1468-0297.2011.02424.x

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Institution:
University of Oxford
Anthony Murphy More by this author
Publisher:
Blackwell Publishing
Journal:
Economic Journal Journal website
Volume:
121
Issue:
552
Publication date:
2011
DOI:
URN:
uuid:2dda1f8c-a882-45bd-9e3e-5f2290942025
Local pid:
oai:economics.ouls.ox.ac.uk:15159
Language:
English

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