Mortgage Supply and Housing Rents
研究发现，大衰退后抵押贷款供给收缩推高了住房租金，通过分析2010-2014年各都市区受贷款机构监管冲击的差异，表明信贷紧缩使租金年增长率提高2.1个百分点。
We show that a contraction of mortgage supply after the Great Recession has increased housing rents. Our empirical strategy exploits heterogeneity in MSAs' exposure to regulatory shocks experienced by lenders over the 2010-2014 period. Tighter lending standards have increased demand for rental housing and have led to higher rents, depressed homeownership rates and an increase in rental supply. Absent the credit supply contraction, annual rent growth would have been 2.1 percentage points lower over 2010-2014 in MSAs where lending standards rose from their 2008 levels.