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Consumption, housing collateral, and the Canadian business cycle

Christensen, Ian; Corrigan, Paul; Mendicino, Caterina; … - 2009

correlation between consumption and house prices. Finally we find that housing collateral induced spillovers account for a large … share of consumption growth during the housing market boom-bust cycle of the late 1980s. -- Business fluctuations and cycles …

Persistent link: https://www.econbiz.de/10003933334

Consumption, Housing Collateral, and the Canadian Business Cycle

Christensen, Ian; Corrigan, Paul; Mendicino, Caterina; … - Bank of Canada - 2009

Persistent link: https://www.econbiz.de/10008566348

Real effects of price stability with endogenous nominal indexation

Meh, Césaire Assah; Quadrini, Vincenzo; Terajima, Yaz - 2009

We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997). More constrained firms sign contracts that are less indexed to the nominal price and, as a result, their...

Persistent link: https://www.econbiz.de/10003852858

Resurrecting the role of real money balance effects

Dorich, José - 2009

I present a structural econometric analysis supporting the hypothesis that money is still relevant for shaping inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively important, although smaller than they used to be in the...

Persistent link: https://www.econbiz.de/10003933293

An Equilibrium Analysis of the Rise in House Prices and Mortgage Debt

Xu, Shaofeng - Bank of Canada - 2013

This paper examines the contributions of population aging, mortgage innovation and historically low interest rates to … the sharp rise in U.S. house prices and mortgage debt between 1994 and 2005. I construct an overlapping generations … prices and most of the increase in mortgage debt during this period. Population aging contributes to rising house prices and …

Persistent link: https://www.econbiz.de/10010640465

Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting

Meh, Césaire A.; Rios-Rull, José-Victor; Terajima, Yaz - Bank of Canada - 2008

Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth - between households and the government, between nationals and foreigners, and between households within the same country. Two types of monetary policy,...

Persistent link: https://www.econbiz.de/10005673256