Mortgage Choice in the Euro Area: Macroeconomic Determinants and the Effect of Monetary Policy on Debt Burdens
研究了欧元区家庭在固定利率与浮动利率抵押贷款之间选择的宏观经济因素，发现经济增长强劲、利差高或失业率波动低时浮动利率贷款更多；模拟显示全球金融危机期间货币宽松降低了抵押贷款家庭的债务负担。
This paper provides novel evidence on the role of the macroeconomic environment for households’ choice between fixed‐interest‐rate and adjustable‐interest‐rate mortgages (ARMs) in the euro area. We find that relatively more ARMs are taken out when economic growth is strong, the interest rate spread is high, or unemployment shows low volatility. A simulation exercise shows that a reduction in mortgage rates as witnessed during the monetary easing in the course of the global financial crisis produces a substantial decline in debt burdens among mortgage‐holding households, especially in countries where households have higher debt burdens and a larger share of ARMs.