Chen, Nan-Kuang; Cheng, Han-Liang; Mao, Ching-Sheng - In: Economic Modelling 29 (2012) 4, pp. 1388-1398
This paper investigates the transmission mechanism of mortgage premium to characterize the relationship between the housing market and business cycle for the U.S. We find that mortgage premium is crucial for the amplification and propagation of the model to match the main properties of U.S....