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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

Modelling and forecasting UK mortgage arrears and possessions

Aron, Janine; Muellbauer, John - London School of Economics (LSE) - 2010

This paper presents new models for aggregate UK data on mortgage possessions (foreclosures) and mortgage arrears … quarterly data over 1983-2009. A second innovation is the theory-justified use of an estimate of the proportion of mortgages in … scenarios for forecasts to 2013 reveals the sensitivity of mortgage possessions and arrears to different economic conditions …

Persistent link: https://www.econbiz.de/10011126430

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

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

The mortgage interest deduction and its impact on homeownership decisions

Hilber, Christian A. L.; Turner, Tracy M. - London School of Economics (LSE) - 2010

This paper examines the impact of the combined U.S. state and federal mortgage interest deduction (MID) on …

Persistent link: https://www.econbiz.de/10010884709

New housing supply and the dilution of social capital

Hilber, Christian A. L. - London School of Economics (LSE) - 2007

This paper examines the role of local housing market conditions for social capital accumulation and neighborhood club good provision. A model of individual investment decisions predicts that in a setting with high property transaction costs (i) homeowners are more likely to invest in social...

Persistent link: https://www.econbiz.de/10010928759

The economic implications of house price capitalization: a synthesis

Hilber, Christian A. L. - London School of Economics (LSE) - 2015

adverse consequences for a wide range of policies such as intergovernmental aid or the mortgage interest deduction. …

Persistent link: https://www.econbiz.de/10011272169

Local economic conditions and the nature of new housing supply

Hilber, Christian A. L.; Rouwendal, Jan; Vermeulen, Wouter - London School of Economics (LSE) - 2014

We present a modified open monocentric city model that assumes that land is available for conversion into new housing throughout the city. The model predicts that positive local income shocks (i) increase the city’s share of multi-family housing in new construction and (ii) lead to the...

Persistent link: https://www.econbiz.de/10011277213

House prices and rents: micro evidence from a matched dataset in Central London

Bracke, Philippe - London School of Economics (LSE) - 2013

Using the proprietary dataset of a real estate agency, I analyse tens of thousands of housing sale and rental transactions in Central London during the 2005-2011 period. I run hedonic regressions on both prices and rents and show that price-rent ratios are higher for bigger and more central...

Persistent link: https://www.econbiz.de/10010744927

Capitalization of central government grants into local house prices: panel data evidence from England

Hilber, Christian A. L.; Lyytikainen, Teemu; Vermeulen, … - London School of Economics (LSE) - 2010

We explore the impact of central government grants on local house prices in England using a panel data set of local authorities (LAs) from 2001 to 2008. Electoral targeting of grants to LAs by the incumbent national government provides an exogenous source of variation in grants that we exploit...

Persistent link: https://www.econbiz.de/10010745191

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