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Mortgage markets, collateral constraints, and monetary policy: Do institutional factors matter?
Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - Center for Financial Studies - 2006
We study the role of institutional characteristics of mortgage markets in affecting the strength and timing of the …) there is significant divergence in the structure of mortgage markets across the main industrialised countries; (2) at the …/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is stronger in …
Persistent link: https://www.econbiz.de/10010958674
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Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter?
Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - Center for Financial Studies - 2007
We study the role of institutional characteristics of mortgage markets in affecting the strength and timing of the …) there is significant divergence in the structure of mortgage markets across the main industrialised countries; (2) at the …/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is stronger in …
Persistent link: https://www.econbiz.de/10005022449
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Der Euro in stürmischen Zeiten : Beiträge von Otmar Issing zur Wirtschafts- und Währungspolitik am Center for Financial Studies 2006-2015
Issing, Otmar - Center for Financial Studies - 2016
Persistent link: https://www.econbiz.de/10011478326
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Does trade integration alter monetary policy transmission?
Cwik, Tobias J.; Müller, Gernot J.; Wolters, Maik H. - Center for Financial Studies - 2008
This paper explores the role of trade integrationor opennessfor monetary policy transmission in a medium-scale New Keynesian model. Allowing for strategic complementarities in price-setting, we highlight a new dimension of the exchange rate channel by which monetary policy directly impacts...
Persistent link: https://www.econbiz.de/10010986403
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Does Trade Integration Alter Monetary Policy Transmission?
Cwik, Tobias J.; Müller, Gernot J.; Wolters, Maik - Center for Financial Studies - 2008
This paper explores the role of trade integration—or openness—for monetary policy transmission in a medium-scale New Keynesian model. Allowing for strategic complementarities in price-setting, we highlight a new dimension of the exchange rate channel by which monetary policy directly impacts...
Persistent link: https://www.econbiz.de/10005007627
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Do the elderly reduce housing equity? An international comparison
Chiuri, Maria Concetta; Jappelli, Tullio - Center for Financial Studies - 2008
We explore the pattern of elderly homeownership using microeconomic surveys of 15 OECD countries, merging 60 national …
Persistent link: https://www.econbiz.de/10010958716
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The Zero-Interest-Rate and the Role of the Exchange Rate for Monetary Policy in Japan
Coenen, Guenter; Wieland, Volker - Center for Financial Studies - 2003
In this paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations...
Persistent link: https://www.econbiz.de/10010958771
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The Determinants of Debt and (Private-) Equity Financing in Young Innovative SMEs: Evidence from Germany
Schäfer, Dorothea; Werwatz, Axel; Zimmermann, Volker - Center for Financial Studies - 2003
Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that...
Persistent link: https://www.econbiz.de/10005022424
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The Zero-Interest-Rate and the Role of the Exchange Rate for Monetary Policy in Japan
Coenen, Guenter; Wieland, Volker - Center for Financial Studies - 2003
In this paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations...
Persistent link: https://www.econbiz.de/10005022425