# Professors Alexi Savov and Philipp Schnabl's joint research on monetary policy and the housing boom is cited

1 Faculty News March 21, 2019 ![Brookings Institution blog logo ](/sites/default/files/styles/246w/public/assets/images/brookings192x144.jpg?itok=REzslfND)>

Excerpt from [Brookings Institute blog](https://www.brookings.edu/blog/up-front/2019/03/21/hutchins-roundup-borrower-behavior-the-feds-role-in-the-housing-boom-and-more/) -- "Itamar Drechsler of the University of Pennsylvania and [Philipp Schnabl](https://www.stern.nyu.edu/faculty/bio/philipp-schnabl) and [Alexi Savov](https://www.stern.nyu.edu/faculty/bio/alexi-savov) of New York University say instead that the Fed’s tightening between 2003 and 2006 shifted mortgage lending from the heavily regulated commercial banks to nonbank mortgage originators, which had lower lending standards."

[Read more](https://www.brookings.edu/blog/up-front/2019/03/21/hutchins-roundup-borrower-behavior-the-feds-role-in-the-housing-boom-and-more/)