Leverage and House-Price Dynamics in U.S. Cities
利用美国城市数据，发现房主杠杆率（贷款价值比）越高的城市，房价对人均收入等本地冲击的反应越敏感，支持抵押借贷影响资产价格的理论。
In this paper, we use city-level data to analyze the relationship between homeowner borrowing patterns and house-price dynamics. Our principal finding is that in cities where homeowners are more leveraged--i.e., have higher loan-to-value ratios--house prices react more sensitively to city-specific shocks, such as changes in per-capita income. This finding is consistent with recent theories which emphasize the role of collateralized borrowing in shaping the behavior of asset prices.