{"id":"https://openalex.org/W2593377090","doi":"https://doi.org/10.1093/qje/qjy002","title":"The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar U.S. Housing Credit Policy*","display_name":"The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar U.S. Housing Credit Policy*","publication_year":2018,"publication_date":"2018-01-16","ids":{"openalex":"https://openalex.org/W2593377090","doi":"https://doi.org/10.1093/qje/qjy002","mag":"2593377090"},"language":"en","primary_location":{"id":"doi:10.1093/qje/qjy002","doi":"https://doi.org/10.1093/qje/qjy002","is_oa":true,"landing_page_url":"https://doi.org/10.1093/qje/qjy002","pdf_url":"https://academic.oup.com/qje/article-pdf/133/3/1503/25112590/qjy002.pdf","source":{"id":"https://openalex.org/S203860005","display_name":"The Quarterly Journal of Economics","issn_l":"0033-5533","issn":["0033-5533","1531-4650"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Quarterly Journal of Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://academic.oup.com/qje/article-pdf/133/3/1503/25112590/qjy002.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5078788336","display_name":"Andrew J. Fieldhouse","orcid":"https://orcid.org/0000-0002-3548-1153","observed_orcids":["https://orcid.org/0000-0002-3548-1153"]},"institutions":[{"id":"https://openalex.org/I205783295","display_name":"Cornell University","ror":"https://ror.org/05bnh6r87","country_code":"US","type":"education","lineage":["https://openalex.org/I205783295"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Andrew J Fieldhouse","raw_affiliation_strings":["Cornell University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Cornell University","institution_ids":["https://openalex.org/I205783295"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5109233964","display_name":"Karel Mertens","orcid":"https://orcid.org/0009-0008-7294-3952","observed_orcids":["https://orcid.org/0009-0008-7294-3952"]},"institutions":[{"id":"https://openalex.org/I68415526","display_name":"Federal Reserve Bank of Dallas","ror":"https://ror.org/05ks2fq79","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608","https://openalex.org/I68415526"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Karel Mertens","raw_affiliation_strings":["Federal Reserve Bank of Dallas, Centre for Economic Policy Research"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Federal Reserve Bank of Dallas, Centre for Economic Policy Research","institution_ids":["https://openalex.org/I68415526"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5011740437","display_name":"Morten Overgaard Ravn","orcid":"https://orcid.org/0000-0003-2703-2558","observed_orcids":["https://orcid.org/0000-0003-2703-2558"]},"institutions":[{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]},{"id":"https://openalex.org/I45129253","display_name":"University College London","ror":"https://ror.org/02jx3x895","country_code":"GB","type":"education","lineage":["https://openalex.org/I124357947","https://openalex.org/I45129253"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Morten O Ravn","raw_affiliation_strings":["University College London, Centre for Economic Policy Research, Centre for Macroeconomics"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University College London, Centre for Economic Policy Research, Centre for Macroeconomics","institution_ids":["https://openalex.org/I4210140326","https://openalex.org/I45129253"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":7619,"currency":"USD","value_usd":7619},"apc_paid":{"value":2518,"currency":"EUR","value_usd":2715},"fwci":9.8546,"has_fulltext":true,"cited_by_count":65,"citation_normalized_percentile":{"value":0.97814322,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"133","issue":"3","first_page":"1503","last_page":"1560"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.885699987411499,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.885699987411499,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.09139999747276306,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.006399999838322401,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/mortgage-market","display_name":"mortgage market","score":0.7490000128746033},{"id":"https://openalex.org/keywords/mortgage","display_name":"mortgage lending","score":0.7770000100135803},{"id":"https://openalex.org/keywords/mortgage-refinancing","display_name":"mortgage refinancing","score":0.7940000295639038},{"id":"https://openalex.org/keywords/mortgage-rates","display_name":"mortgage interest rates","score":0.9929999709129333},{"id":"https://openalex.org/keywords/residential-investment","display_name":"housing investment","score":0.7570000290870667},{"id":"https://openalex.org/keywords/homeownership","display_name":"homeownership","score":0.9959999918937683},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.7739999890327454},{"id":"https://openalex.org/keywords/macroeconomic-effects","display_name":"macroeconomic effects","score":0.6880000233650208},{"id":"https://openalex.org/keywords/postwar-america","display_name":"postwar United States","score":0.734000027179718}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8471063375473022},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.7284799814224243},{"id":"https://openalex.org/C2778137410","wikidata":"https://www.wikidata.org/wiki/Q2732820","display_name":"Government (linguistics)","level":2,"score":0.5930516719818115},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5181809067726135},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.440790593624115},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.3492279648780823},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1093/qje/qjy002","doi":"https://doi.org/10.1093/qje/qjy002","is_oa":true,"landing_page_url":"https://doi.org/10.1093/qje/qjy002","pdf_url":"https://academic.oup.com/qje/article-pdf/133/3/1503/25112590/qjy002.pdf","source":{"id":"https://openalex.org/S203860005","display_name":"The Quarterly Journal of Economics","issn_l":"0033-5533","issn":["0033-5533","1531-4650"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Quarterly Journal of Economics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:oup:qjecon:v:133:y:2018:i:3:p:1503-1560.","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1093/qje/qjy002","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.1093/qje/qjy002","doi":"https://doi.org/10.1093/qje/qjy002","is_oa":true,"landing_page_url":"https://doi.org/10.1093/qje/qjy002","pdf_url":"https://academic.oup.com/qje/article-pdf/133/3/1503/25112590/qjy002.pdf","source":{"id":"https://openalex.org/S203860005","display_name":"The Quarterly Journal of Economics","issn_l":"0033-5533","issn":["0033-5533","1531-4650"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Quarterly Journal of Economics","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Sustainable cities and communities","id":"https://metadata.un.org/sdg/11","score":0.47999998927116394}],"study_designs":[],"awards":[{"id":"https://openalex.org/G1438484234","display_name":null,"funder_award_id":"ES/L500343/1","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"},{"id":"https://openalex.org/G595298144","display_name":null,"funder_award_id":"ES/R009295/1","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"}],"funders":[{"id":"https://openalex.org/F4320334630","display_name":"Economic and Social Research Council","ror":"https://ror.org/03n0ht308"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2593377090.pdf","grobid_xml":"https://content.openalex.org/works/W2593377090.grobid-xml"},"referenced_works_count":74,"referenced_works":["https://openalex.org/W179963684","https://openalex.org/W272983737","https://openalex.org/W310673225","https://openalex.org/W587981848","https://openalex.org/W1508198902","https://openalex.org/W1522847902","https://openalex.org/W1526233571","https://openalex.org/W1543912540","https://openalex.org/W1544385952","https://openalex.org/W1585140511","https://openalex.org/W1587995174","https://openalex.org/W1598447137","https://openalex.org/W1602164697","https://openalex.org/W1862687975","https://openalex.org/W1926410762","https://openalex.org/W1971499857","https://openalex.org/W2001086269","https://openalex.org/W2022318082","https://openalex.org/W2035725979","https://openalex.org/W2045259874","https://openalex.org/W2048267822","https://openalex.org/W2055638803","https://openalex.org/W2076441185","https://openalex.org/W2080620770","https://openalex.org/W2113375109","https://openalex.org/W2117178635","https://openalex.org/W2135613228","https://openalex.org/W2135860498","https://openalex.org/W2137977368","https://openalex.org/W2140286179","https://openalex.org/W2148084920","https://openalex.org/W2152110580","https://openalex.org/W2158340472","https://openalex.org/W2158366624","https://openalex.org/W2172008882","https://openalex.org/W2178583389","https://openalex.org/W2233534384","https://openalex.org/W2258206210","https://openalex.org/W2264825150","https://openalex.org/W2592172469","https://openalex.org/W3023906401","https://openalex.org/W3104084097","https://openalex.org/W3121144609","https://openalex.org/W3121639630","https://openalex.org/W3121859925","https://openalex.org/W3122049385","https://openalex.org/W3122122625","https://openalex.org/W3123103273","https://openalex.org/W3123483407","https://openalex.org/W3123735078","https://openalex.org/W3124194039","https://openalex.org/W3124707932","https://openalex.org/W3124944535","https://openalex.org/W3124995768","https://openalex.org/W3125034469","https://openalex.org/W3125136723","https://openalex.org/W3125175487","https://openalex.org/W3125213760","https://openalex.org/W3125226742","https://openalex.org/W3125322221","https://openalex.org/W3125325657","https://openalex.org/W3125463200","https://openalex.org/W3125472679","https://openalex.org/W3125582373","https://openalex.org/W3125802493","https://openalex.org/W4205486143","https://openalex.org/W4229718325","https://openalex.org/W4238498936","https://openalex.org/W4239264844","https://openalex.org/W4250421754","https://openalex.org/W4299303445","https://openalex.org/W4398826653","https://openalex.org/W6738493795","https://openalex.org/W6825103183"],"related_works":["https://openalex.org/W7067272442","https://openalex.org/W2592172469","https://openalex.org/W6902660961","https://openalex.org/W4414807908","https://openalex.org/W2616088868","https://openalex.org/W4411219978","https://openalex.org/W4318765537","https://openalex.org/W6962850019","https://openalex.org/W1747579970","https://openalex.org/W2731435560"],"abstract_inverted_index":{"We":[0,92],"document":[1],"the":[2,19,65,108],"portfolio":[3],"activity":[4],"of":[5,98],"federal":[6],"housing":[7,111],"agencies":[8,66],"and":[9,18,73,89,103,113],"provide":[10,105],"evidence":[11,106],"on":[12,15,40,107],"its":[13],"impact":[14],"mortgage":[16,37,62,68,75],"markets":[17],"economy.":[20],"Through":[21],"a":[22],"narrative":[23],"analysis,":[24],"we":[25,45,56,104],"identify":[26],"historical":[27],"policy":[28,101],"changes":[29],"leading":[30],"to":[31,49,96],"expansions":[32],"or":[33,52],"contractions":[34],"in":[35,61,70,82],"agency":[36],"holdings.":[38],"Based":[39],"those":[41,97],"regulatory":[42],"events":[43],"that":[44,58],"classify":[46],"as":[47],"unrelated":[48],"short-run":[50],"cyclical":[51],"credit":[53,112],"market":[54],"shocks,":[55,102],"find":[57],"an":[59],"increase":[60],"purchases":[63,78],"by":[64],"boosts":[67],"lending,":[69],"particular":[71],"refinancing,":[72],"lowers":[74],"rates.":[76],"Agency":[77],"also":[79],"influence":[80],"prices":[81],"other":[83],"asset":[84],"markets,":[85],"stimulate":[86],"residential":[87],"investment,":[88],"expand":[90],"homeownership.":[91],"compare":[93],"these":[94],"effects":[95],"conventional":[99],"monetary":[100,114],"interactions":[109],"between":[110],"policies.":[115]},"counts_by_year":[{"year":2026,"cited_by_count":7},{"year":2025,"cited_by_count":8},{"year":2024,"cited_by_count":7},{"year":2023,"cited_by_count":7},{"year":2022,"cited_by_count":9},{"year":2021,"cited_by_count":7},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":11},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":1}],"updated_date":"2026-10-31T12:09:11.096373","created_date":"2017-03-16T00:00:00"}