The Relationship between Housing Starts and Mortgage Availability
使用美国1967-1984年月度数据，通过向量自回归和脉冲响应分析，发现利率和抵押贷款可得性显著影响住房开工；历史分解表明金融放松管制和市场竞争削弱了可得性效应。
Sims' innovation-accounting techniques are used to investigate the relationship between housing starts and mortgage availability using U.S. monthly data over 1967-1984. First, a four variable vector autoregression is employed to compute impulse response functions. The results suggest that housing starts are significantly in fluenced by both interest rates and mortgage availability. Second, the estimated vector autoregression is used to compute a historical decomposition of the\nstarts series using 1979(12) as the base period. The decomposition suggests that deregulation and the evolution of more\ncompetitive financial markets has led to a significant weakening of availability effects.