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Diane Publishing Books
Federal Resrveäó»s Portfolio and Its Effects on Mortgage Markets
Diana Hancock (au); Wayne Passmore (au)
This study provides an empirical analysis of the effects of the Federal Reserve's asset holdings on mortgage-back securities (MBS) yields and mortgage rates. The authors argue that understanding the particulars of the U.S. mortgage markets, particularly the linkages between the secondary and primary mortgage markets, is important. They find evidence that the Federal Reserve's portfolio holdings influence mortgage markets, through both a "portfolio balancing channel" and an "excess reserves" channel. These two channels can work in opposite directions and their magnitudes are difficult to estimate, but on net, larger Federal Reserve's portfolio holdings seem to have placed a significant downward influence on MBS yields and mortgage rates.Figures. This is a print on demand report.
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