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We estimate this frontier using mortgage originations data from 2001 to 2014. We find a substantial expansion of mortgage credit for all borrowers during the housing boom, not only for low\u2010score or low\u2010income borrowers. The subsequent contraction in credit was most pronounced for low\u2010score borrowers. Using variation in the frontier across metropolitan areas over time, we show that borrowing constraints played an important role in the recent housing cycle.<\/jats:p>","DOI":"10.1002\/jae.2720","type":"journal-article","created":{"date-parts":[[2019,5,25]],"date-time":"2019-05-25T06:32:08Z","timestamp":1558765928000},"page":"865-882","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":15,"title":["Measuring mortgage credit availability: A frontier estimation approach"],"prefix":"10.1002","volume":"34","author":[{"given":"Elliot","family":"Anenberg","sequence":"first","affiliation":[{"name":"Board of Governors of the Federal Reserve System  Washington, District of Columbia United States"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Aurel","family":"Hizmo","sequence":"additional","affiliation":[{"name":"Board of Governors of the Federal Reserve System  Washington, District of Columbia United States"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Edward","family":"Kung","sequence":"additional","affiliation":[{"name":"Department of Economics UCLA  California Los Angeles"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Raven","family":"Molloy","sequence":"additional","affiliation":[{"name":"Board of Governors of the Federal Reserve System  Washington, District of Columbia United States"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2019,7,15]]},"reference":[{"key":"e_1_2_9_2_1","doi-asserted-by":"crossref","unstructured":"Adelino M. 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