We consider a general equilibrium model with frictions in credit markets used by households. Inour economy, houses provide housing services to consumers and serve as collateral to lower borrowingcost.We show that this amplifies and propagates the effect of monetary policy shocks on...

This paper demonstrates that urban social exclusion in China does not onlyinclude restricted participation by the “underclass” in urban life, but also thedeprivation of certain political, social and economic rights. In addition, thepaper describes how the character of urban social exclusion...