The credit supply channel of monetary policy tightening and its distributional impacts
研究了2022-2023年加息期间，抵押贷款利率上升如何通过债务收入比门槛影响贷款发放，并发现少数族裔和中收入借款人受冲击更大，区域层面也出现贷款、房价和消费下降。
This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new light on the distributional consequences at both individual and regional levels. We specifically examine the sharp increase in mortgage interest rates during 2022 and 2023. We find that almost all of the decline in mortgages compared to prior years was concentrated in loans that would have had a debt-to-income (DTI) ratio above underwriting thresholds. These effects are even more pronounced for minority and middle-income borrowers. Additionally, regions more affected by the thresholds exhibited greater reductions in mortgage originations, house prices, and consumption.