CITY EQUILIBRIUM WITH BORROWING CONSTRAINTS: STRUCTURAL ESTIMATION AND GENERAL EQUILIBRIUM EFFECTS
构建了一个位置选择的一般均衡模型，其中抵押贷款批准率决定家庭的选择集。利用旧金山湾区数据估计模型，发现借贷约束的价格敏感性解释了约三分之二的社区需求价格弹性。对2000-2006年贷款标准放松的一般均衡分析预测了房价上涨且分布压缩、以及白人隔离减少（反映绅士化），这些预测得到实证支持。
Abstract This article develops a general equilibrium model of location choice where mortgage approval rates determine household‐specific choice sets. Estimation of the model using San Francisco Bay area data reveals that the price sensitivity of borrowing constraints explains about two‐thirds of the price elasticity of neighborhood demand. General equilibrium analysis of the 2000–2006 relaxation of lending standards predicts the following impacts on prices and neighborhood demographics: (i) an increase in house prices accompanied by a compression of the price distribution and (ii) a reduction in the isolation of Whites reflecting gentrification. Both predictions are supported by empirical observation.