–Nonrecourse Mortgage and Housing Price Boom, Bust, and Rebound
研究了美国主要都市区2000至2013年间，无追索权抵押贷款如何加剧房价在繁荣期上涨、萧条期下跌和反弹期回升的波动，对理解抵押贷款制度与房价关系有参考价值。
This paper investigates the impact of –nonrecourse vs. recourse mortgages on housing price dynamics in major U.S. metropolitan statistical areas for the period from 2000 to 2013. We find evidence that –nonrecourse states experience faster price growth during the boom period (2000–2006), a sharper price drop during the bust period (2006–2009) and faster price recovery in the rebound period after a crisis (2009–2013). Moreover, the volatility of housing prices is higher in nonrecourse states than in recourse states, particularly during the rebound period.