Essays on Mortgage Rates, Mortgage Fees, and Merger Price Effects
Loading...
Authors
Auger, Ludovic
Date
2024-12-12
Type
thesis
Language
eng
Keyword
Economics , Monetary Policy , Racial gap , Gender gap , Merger
Alternative Title
Abstract
This dissertation is a series of essays that focus on studying mortgage rates, mortgage fees and merger price effects. The first essay investigates the relationship between monetary policy and mortgage rates along the business cycle. Using a large dataset of U.S. mortgage loans, we document that, following a regulatory change to payments on excess reserve, the business cycle is less related to mortgage rates, monetary policy is being transmitted more overall, and the amplification of the transmission of monetary policy to mortgage rates along the business cycle is being reduced compared to before the regulatory change. To understand the last two results, we build a theoretical banking model, where banks are subject to monetary policy through reserve requirements, and show that the empirical results could have been caused by this regulatory change. The second essay looks at heterogeneity in the fees for originating a mortgage in the U.S. Using data of millions of mortgages, I document a racial and a gender gap, for both singles and couples, in the fees for originating a mortgage. I also find that there seems to be selection into high origination fee lenders for some minority groups, male/male couples and female/female couples, which might explain some of the racial and gender gaps found. Finally, the last essay examines the price effects of mergers between cooperative firms that value both profits and a social component and standard firms that only value profits. Using a theoretical model, I show that the shape of the social component matters for the sign and magnitude of the price effects, which can include a decrease in prices.
Description
Citation
Publisher
License
Queen's University's Thesis/Dissertation Non-Exclusive License for Deposit to QSpace and Library and Archives Canada
ProQuest PhD and Master's Theses International Dissemination Agreement
Intellectual Property Guidelines at Queen's University
Copying and Preserving Your Thesis
This publication is made available by the authority of the copyright owner solely for the purpose of private study and research and may not be copied or reproduced except as permitted by the copyright laws without written authority from the copyright owner.
Attribution-NoDerivatives 4.0 International
ProQuest PhD and Master's Theses International Dissemination Agreement
Intellectual Property Guidelines at Queen's University
Copying and Preserving Your Thesis
This publication is made available by the authority of the copyright owner solely for the purpose of private study and research and may not be copied or reproduced except as permitted by the copyright laws without written authority from the copyright owner.
Attribution-NoDerivatives 4.0 International