The Babies of Mortgage Market Deregulation
研究发现美国抵押贷款市场放松管制使年轻家庭购房和生育概率各提高6个百分点，机制是获得更大居住空间，表明信贷可得性影响经济中的总生育数量。
Abstract This paper documents that mortgage market deregulation helps mitigate the risk of population aging by affecting a foundational family-level decision: the choice to have children. Using a U.S. federal regulator ruling, I show that young households fully exposed to mortgage market deregulation increase their probability of purchasing a home and having a child by 6 percentage points. Supplemental tests reject alternative hypotheses based on income or housing wealth growth and, instead, suggest that access to space is the relevant economic mechanism. Collectively, the evidence indicates that increased access to mortgage credit affects the total number of children in the economy.