EconPapers    
Economics at your fingertips  
 

The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar U.S. Housing Credit Policy

Andrew Fieldhouse, Karel Mertens and Morten Ravn

The Quarterly Journal of Economics, 2018, vol. 133, issue 3, 1503-1560

Abstract: We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy changes leading to expansions or contractions in agency mortgage holdings. Based on those regulatory events that we classify as unrelated to short-run cyclical or credit market shocks, we find that an increase in mortgage purchases by the agencies boosts mortgage lending, in particular refinancing, and lowers mortgage rates. Agency purchases also influence prices in other asset markets, stimulate residential investment, and expand homeownership. We compare these effects to those of conventional monetary policy shocks, and we provide evidence on the interactions between housing credit and monetary policies.

Date: 2018
References: Add references at CitEc
Citations: View citations in EconPapers (40)

Downloads: (external link)
http://hdl.handle.net/10.1093/qje/qjy002 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
Working Paper: The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy (2017) Downloads
Working Paper: The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy (2017) Downloads
Working Paper: The macroeconomic effects of Government asset purchases: evidence from postwar US housing credit policy (2017) Downloads
Working Paper: The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy (2017) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:qjecon:v:133:y:2018:i:3:p:1503-1560.

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

The Quarterly Journal of Economics is currently edited by Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva

More articles in The Quarterly Journal of Economics from President and Fellows of Harvard College
Bibliographic data for series maintained by Oxford University Press ().

 
Page updated 2025-03-22
Handle: RePEc:oup:qjecon:v:133:y:2018:i:3:p:1503-1560.