Do Deposit Rates Cause Mortgage Loan Rates?: The Evidence from Causality Tests
运用两种因果检验方法，研究抵押贷款市场中存款利率与贷款利率之间的因果关系，发现利率管制前存款利率上升导致贷款利率上升，但管制后这一关系不再成立。
This paper applies two familiar causality detection techniques to the issue of whether it is costs that determine prices or vice versa in the mortgage loan market. The question is posed in terms of causal priority: Are savings and loan deposit rates causally prior to mortgage loan rates or is it the other way around? For the time period prior to the onset of deposit interest rate deregulation, the evidence that emerges is consistent with the view that lenders raised their loan rates in response to higher deposit rates of interest. However, for the more recent period of deregulation, the evidence is not consistent with this view.