Credit Supply and the Housing Boom
研究发现，抵押贷款市场放松贷款约束带来的信贷供给增加，是大衰退前房地产繁荣的四个关键特征（房价空前上涨、家庭债务激增、债务与房价比稳定、抵押贷款利率下降）的主要驱动力，而仅归因于降低抵押品要求的观点难以解释这些事实。
An increase in credit supply driven by looser lending constraints in the mortgage market is the key force behind four empirical features of the housing boom before the Great Recession: the unprecedented rise in home prices, the surge in household debt, the stability of debt relative to house values, and the fall in mortgage rates. These facts are more difficult to reconcile with the popular view that attributes the housing boom only to looser borrowing constraints associated with lower collateral requirements, because they shift the demand for credit.