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The Short-Run Flows of Nonfarm Residential Mortgage Credit
David S. Huang
Abstract
This paper investigates the demand for and supply of nonfarm residential mortgage credit in the United States. Yield adjustment in the home mortgage market is also considered. Among the explanatory variables used in this study are: the mortgage debt outstanding in the consumers' portfolio; the prices and yields involved in the borrowings and lendings in the mortgage and the nonmortage, long-term capital markets; the accumulation of savings in financial institutions; and the member banks' reserve position.
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