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Mortgages and monetary policy
Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - London School of Economics (LSE) - 2013
Mortgage loans are a striking example of a persistent nominal rigidity. As a result, under incomplete markets, monetary … policy affects decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt. Observed …
Persistent link: https://www.econbiz.de/10011126379
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Modelling and forecasting UK mortgage arrears and possessions
Aron, Janine; Muellbauer, John - London School of Economics (LSE) - 2010
quarterly data over 1983-2009. A second innovation is the theory-justified use of an estimate of the proportion of mortgages in …This paper presents new models for aggregate UK data on mortgage possessions (foreclosures) and mortgage arrears … scenarios for forecasts to 2013 reveals the sensitivity of mortgage possessions and arrears to different economic conditions …
Persistent link: https://www.econbiz.de/10011126430
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The role of bank capital and the transmission mechanism of monetary policy
Sunirand, Pojanart - London School of Economics (LSE) - 2002
This paper is a theoretical study of the transmission mechanism of monetary policy in the presence of an endogenous role of bank capital. The basic framework is a standard Dynamic New Keynesian model with price stickiness modified so as firms as well as banks face endogenous financial frictions...
Persistent link: https://www.econbiz.de/10010884669
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Cyclical adjustment of capital requirements: a simple framework
Repullo, Rafael - London School of Economics (LSE) - 2013
We present a model of an economy with heterogeneous banks that may be funded with uninsured deposits and equity capital. Capital serves to ameliorate a moral hazard problem in the choice of risk. There is a fixed aggregate supply of bank capital, so the cost of capital is endogenous. A regulator...
Persistent link: https://www.econbiz.de/10011171760
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Global capital markets, housing prices, and partisan fiscal policies
Ansell, Ben; Broz, Lawrence - London School of Economics (LSE) - 2015
In recent years, global imbalances have channeled the excess savings of surplus countries toward the real estate markets of deficit countries. By consequence, the deficit countries that attracted lots of foreign capital experienced large run-ups in house prices while the surplus countries that...
Persistent link: https://www.econbiz.de/10011167209
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Do homeowners benefit urban neighborhoods? evidence from housing prices
Kortelainen, Mika; Saarimaa, Tuukka - London School of Economics (LSE) - 2012
Homeownership is heavily subsidized in many countries mainly through the tax code. The adverse effects of lenient tax treatment of owner-occupied housing on economic efficiency and growth are large and well documented in the economics literature. The main argument in favor of subsidizing...
Persistent link: https://www.econbiz.de/10011125920
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The economics implications of house price capitalization a survey of an emerging literature
Hilber, Christian A. L. - London School of Economics (LSE) - 2011
policies such as intergovernmental aid or the mortgage interest deduction …
Persistent link: https://www.econbiz.de/10011126064
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Valuing school quality using boundary discontinuities
Gibbons, Stephen; Machin, Stephen; Silva, Olmo - London School of Economics (LSE) - 2012
Existing research shows that house prices respond to local school quality as measured by average test scores. However, higher test scores could signal better quality teaching and academic value-added, or higher ability, sought-after intakes. In our research, we show decisively that value-added...
Persistent link: https://www.econbiz.de/10011126121
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Homeownerhip and entrepreneurship
Bracke, Philippe; Hilber, Christian; Silva, Olmo - London School of Economics (LSE) - 2012
Household Panel Survey (BHPS) and constructing a detailed monthly-spell dataset that tracks individuals‟ job history and tenure … likelihood of starting a business by 20-25%. This result is driven by homeowners with mortgages and persists for several years …
Persistent link: https://www.econbiz.de/10011126138
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Historic amenities, income and sorting of households
Koster, Hans R. A.; Rietveld, Piet; Van Ommeren, Jos - London School of Economics (LSE) - 2013
. The approach allows for household-specific preferences. Conditional on neighbour attributes, the price difference at the …
Persistent link: https://www.econbiz.de/10011126409