How Do Mortgage Subsidies Affect Home Ownership? Evidence from the Mid-Century GI Bills
研究了二战和朝鲜战争《退伍军人权利法案》提供的住房贷款福利对住房拥有率的影响，发现这些补贴主要促使购房提前，解释了1940-1960年间住房拥有率增长的7.4%，对受影响群体贡献达25%。
The largest twentieth-century increase in US home ownership occurred between 1940 and 1960, associated largely with declining age at first ownership. I shed light on the contribution of coincident government mortgage market interventions by examining home loan benefits granted under the World War II and Korean War GI Bills. Veterans' benefits increased home ownership rates primarily by shifting purchase earlier in life, explaining 7.4 percent of the overall 1940–1960 increase, and 25 percent of the increase for affected cohorts. A rough extrapolation suggests that broader changes in mortgage terms can explain 40 percent of the 1940–1960 increase.