Mortgaging the future?

Oscar Jorda, Moritz Schularick and Alan Taylor

FRBSF Economic Letter, 2015

Abstract: In the six decades following World War II, bank lending measured as a ratio to GDP has quadrupled in advanced economies. To a great extent, this unprecedented expansion of credit was driven by a dramatic growth in mortgage loans. Lending backed by real estate has allowed households to leverage up and has changed the traditional business of banking in fundamental ways. This ?Great Mortgaging? has had a profound influence on the dynamics of business cycles.

Date: 2015
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