Did the Federal Reserve's MBS purchase program lower mortgage rates?

被引：94

作者：

Hancock, Diana ^{[1
]}

Passmore, Wayne ^{[1
]}

机构：

[1] Fed Reserve Syst, Board Governors, Washington, DC 20551 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2011年 / 58卷 / 05期

基金：

美国国家科学基金会;

关键词：

MBS; Federal Reserve; GSEs; Mortgage;

D O I：

10.1016/j.jmoneco.2011.05.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

On November 25, 2008, the Federal Reserve announced it would purchase mortgage-backed securities (MBS). This program affected mortgage rates through three channels: (1) improved market functioning in both primary and secondary mortgage markets, (2) clearer government backing for Fannie Mae and Freddie Mac, and (3) anticipation of portfolio rebalancing effects. We use empirical pricing models for MBS yields and for mortgage rates to measure relative importance of channels: The first two were important during the height of the financial crisis, but the effects of the third depended on market conditions. Overall, the program put significant downward pressure on mortgage rates. Published by Elsevier B.V.

引用

页码：498 / 514

页数：17

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