Interest Rates and Equity Extraction During the Housing Boom
利用1999-2010年的信贷记录面板数据，研究发现房屋净值提取在2003年抵押贷款利率创历史新低时达到峰值，利率每下降100个基点，提取率上升27%，房价上涨会放大这一效应，且提取行为与更高违约风险相关。
Credit record panel data from 1999–2010 indicates that the likelihood of home equity extraction (borrowing, on average, about $40,000 against one's home) peaked in 2003 when mortgage rates reached historic lows. We estimate a 27 percent rise in extraction in response to a 100 basis point rate decline, and that house price growth amplifies this relationship. Differential responses to interest rates and home price appreciation by borrower age and credit score provide new evidence of financial frictions. Finally, equity extractions are associated with higher default risk, consistent with the use of borrowed funds for consumption or illiquid investment.