The Subprime Crisis: Is Government Housing Policy to Blame?
研究检验了社区再投资法和政府赞助企业的可负担住房目标是否导致了次贷危机，通过两种方法分析发现这些项目并未在危机中扮演重要角色。
Some have suggested that housing policy, embodied by the Community Reinvestment Act (CRA) and affordable housing goals of the government-sponsored enterprises (GSEs), caused the subprime crisis. We examine if these programs led to worse mortgage outcomes using two approaches. The first examines whether more activity by CRA-covered lenders, or more loan sales to the GSEs, was associated with worse outcomes. The second uses regression discontinuity to determine if outcomes were worse at the geographic thresholds used by each program. Our results suggest that neither program played a significant role in the subprime crisis. © 2015 The President and Fellows of Harvard College and the Massachusetts Institute of Technology