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Replication data for: Regional Redistribution through the US Mortgage Market

Version
V0
Resource Type
Dataset
Creator
  • Hurst, Erik
  • Keys, Benjamin J.
  • Seru, Amit
  • Vavra, Joseph
Publication Date
2016-10-01
Description
  • Abstract

    Regional shocks are an important feature of the US economy. Households' ability to self-insure against these shocks depends on how they affect local interest rates. In the United States, most borrowing occurs through the mortgage market and is influenced by the presence of government-sponsored enterprises (GSE). We establish that despite large regional variation in predictable default risk, GSE mortgage rates for otherwise identical loans do not vary spatially. In contrast, the private market does set interest rates which vary with local risk. We use a spatial model of collateralized borrowing to show that the national interest rate policy substantially affects welfare by redistributing resources across regions.
Availability
Download
Relations
  • Is supplement to
    DOI: 10.1257/aer.20151052 (Text)
Publications
  • Hurst, Erik, Benjamin J. Keys, Amit Seru, and Joseph Vavra. “Regional Redistribution through the US Mortgage Market.” American Economic Review 106, no. 10 (October 2016): 2982–3028. https://doi.org/10.1257/aer.20151052.
    • ID: 10.1257/aer.20151052 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-12

Hurst, Erik; Keys, Benjamin J.; Seru, Amit; Vavra, Joseph (2016): Replication data for: Regional Redistribution through the US Mortgage Market. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E113081