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Asset price declines and real estate market illiquidity : evidence from Japanese land values

Krainer, John (contributor); Spiegel, Mark (contributor); … - 2005

Persistent link: https://www.econbiz.de/10002672082

Solvency runs, sunspot runs, and international bailouts

Spiegel, Mark (contributor) - 2000 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001577755

Currency boards, dollarized liabilities, and monetary policy credibility

Spiegel, Mark (contributor); Valderrama, Diego (contributor) - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001763949

Market price accounting and depositor discipline in Japanese regional banks

Spiegel, Mark (contributor); Yamori, Nobuyoshi (contributor) - 2004

Persistent link: https://www.econbiz.de/10003156362

Asset price declines and real estate market illiquidity: evidence from Japanese land values

Krainer, John; Spiegel, Mark; Yamori, Nobuyoshi - Federal Reserve Bank of San Francisco - 2005

We develop an overlapping generations model of the real estate market in which search frictions and a debt overhang combine to generate price persistence and illiquidity. Illiquidity stems from heterogeneity in agent real estate valuations. The variance of agent valuations determines how quickly...

Persistent link: https://www.econbiz.de/10005498403