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Consumption, housing collateral, and the Canadian business cycle
Christensen, Ian; Corrigan, Paul; Mendicino, Caterina; … - 2009
Using Bayesian methods, we estimate a small open economy model in which consumers face limits to credit determined by the value of their housing stock. The purpose of this paper is to quantify the role of collateralized household debt in the Canadian business cycle. Our findings show that the...
Persistent link: https://www.econbiz.de/10003933334
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Housing and mortgage markets in Canada
Smith, Lawrence B. - 1970
Persistent link: https://www.econbiz.de/10000668551
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Institutional mortgage lending in Canada : 1954-1968 ; an econometric analysis
Smith, Lawrence B. - 1973
Persistent link: https://www.econbiz.de/10000668601
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Price movements in the Canadian residential mortgage market
Allen, Jason; McVanel, Darcey - 2009
The authors empirically analyze the price-setting behaviour of the major Canadian banks in the residential mortgage … market over the period 19912007. They use weekly posted prices of the major mortgage providers to study the degree of … competition in mortgage price setting. Their results suggest that the residential mortgage market is imperfectly competitive. They …
Persistent link: https://www.econbiz.de/10003852802
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Booms and Busts in House Prices Explained by Constraints in Housing Supply
Bulusu, Narayan; Duarte, Jefferson; Vergara-Alert, Carles - Bank of Canada - 2013
We study the importance of supply constraints in explaining the heterogeneity in house price cycles across geographies in the United States. Comparing the equilibrium house price generated with and without supply constraints in a representative-agent model under irreversibility of housing...
Persistent link: https://www.econbiz.de/10010667178
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Heterogeneous beliefs and housing-market boom-bust cycles in a small open economy
Tomura, Hajime - 2009
emerge when credit-constrained mortgage borrowers expect that future house prices will rise and this expectation is neither … amplify housing-market boom-bust cycles by encouraging speculative housing investments by mortgage borrowers during housing …
Persistent link: https://www.econbiz.de/10003852849
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Capital Flows and Macroprudential Policies - A Multilateral Assessment of Effectiveness and Externalities
Beirne, John; Friedrich, Christian - Bank of Canada - 2014
This paper assesses the effectiveness and associated externalities that arise when macroprudential policies (MPPs) are used to manage international capital flows. Using a sample of up to 139 countries, we examine the impact of eight different MPP measures on cross-border bank flows over the...
Persistent link: https://www.econbiz.de/10010849941
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Improving Public Equity Markets? No Pain, No Gain
Kartashova, Katya - Bank of Canada - 2014
This paper quantifies the effects of improving public equity markets on macroeconomic aggregates and welfare. I use an open-economy extension of Angeletos (2007), where entrepreneurs face idiosyncratic productivity risk in privately held firms. They can diversify by investing in publicly traded...
Persistent link: https://www.econbiz.de/10010960401
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Household Stockholding Behavior During the Great Financial Crisis
Zhou, Jie - Bank of Canada - 2015
Using the Panel Study of Income Dynamics, this paper studies household stock market participation and trading behavior in 2007–09, a period that saw a major stock market downswing. The stock market participation rate fell after the market crash. We find evidence that less-educated households,...
Persistent link: https://www.econbiz.de/10011272205
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On Portfolio Separation Theorems with Heterogeneous Beliefs and Attitudes towards Risk
Chabi-Yo, Fousseni; Ghysels, Eric; Renault, Eric - Bank of Canada - 2008
The early work of Tobin (1958) showed that portfolio allocation decisions can be reduced to a two stage process: first decide the relative allocation of assets across the risky assets, and second decide how to divide total wealth between the risky assets and the safe asset. This so called...
Persistent link: https://www.econbiz.de/10005220952