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Keywords:Housing Market 

Working Paper
Policy Uncertainty and Bank Mortgage Credit

We document that banks reduce supply of jumbo mortgage loans when policy uncertainty increases as measured by the timing of US gubernatorial elections in banks' headquarter states. The reduction is larger for more uncertain elections. We utilize high-frequency, geographically granular loan data to address an identification problem arising from changing demand for loans: (1) the microeconomic data allow for state/time (quarter) fixed effects; (2) we observe banks reduce lending not just in their home states but also outside their home states when their home states hold elections; (3) we ...
Finance and Economics Discussion Series , Paper 2019-066

Journal Article
New from the Richmond Fed’s Regional Matters blog

Recap of recent Regional Matters Blog posts.
Econ Focus , Issue 1Q , Pages 3

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