FNMA's Role in Deregulated Markets: Implications from Past Behavior
用计量模型分析房利美在上一个住房信贷周期中的行为，发现它没有像之前周期那样发挥逆周期调节作用，并探讨其在放松管制环境下的未来角色。
The role that the Federal National Mortgage Association has played over the housing and mortgage credit cycle has often been the subject of controversy. The purpose of this paper is to analyze, both theoretically and econometrically (using VAR techniques), the Federal National Mortgage Association's impact over the last cycle and its likely future role in a deregulated environment, and to investigate the robustness of the econometric results found for earlier cycles. The econometric work suggests that the Federal National Mortgage Association did not behave countercyclically in the last cycle, while generally supporting its countercyclical role in previous cycles noted in earlier work. Copyright 1988 by Ohio State University Press.