Monetary Policy and Home Buying Inequality
研究发现，货币政策导致的抵押贷款利率上升会立即降低低收入家庭在购房者中的占比，对首次购房者影响更大，且效果持续约一年。
Abstract Does monetary policy inuence who becomes a home owner? Lower-income home buyers may be more sensitive to interest rates, at least in part because they more frequently come up against binding payment-to-income ratio constraints in credit decisions. Exploiting the timing of high-frequency observations of individual mortgage rate locks around monetary policy shocks, I find that a 1 percentage point policy-induced increase in mortgage rates lowers the presence of lower-income households in the population of home buyers by 1 to 2 percentage points immediately following the shock. Effects are substantially stronger among first-time home buyers, and persist for approximately one year.