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Persistent link: https://www.econbiz.de/10009422829
On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...
Persistent link: https://www.econbiz.de/10011710723
The aim of this paper is to show how housing tenure (rented vs. owner-occupied) affects monetary policy. In order to do that, I propose a dynamic stochastic general equilibrium model with housing, both owned and rented. First, I analyze how, in the model, preference parameters, fiscal incentives...
Persistent link: https://www.econbiz.de/10011168837
We study the implications of multi-period loans for monetary and macroprudential policy, considering several realistic modifications – variable vs. fixed loan rates, non-negativity constraint on newly granted loans, and possibility for the collateral constraint to become slack – to an...
Persistent link: https://www.econbiz.de/10011168839
This paper applies a life-cycle model with individual income uncertainty to investigate the determinants of credit to households. We show that the value of household credit to GDP ratio depends on (i) the lending-deposit interest rate spread, (ii) individual income uncertainty, (iii) individual...
Persistent link: https://www.econbiz.de/10009209879
This research proposes a new method to identify the differing states of the market with respect to lending to households. We use an econometric multi-regime regression model where each regime is associated with a different economic state of the credit market (i.e. a normal regime or a boom...
Persistent link: https://www.econbiz.de/10009352269
Persistent link: https://www.econbiz.de/10013483117
House prices are usually characterized by periods of long-lasting growth that lead to uncertainty concerning their persistence. This uncertainty is of special importance for central banks: the prolonged periods of rise followed by sudden fall in house prices are often associated with a credit...
Persistent link: https://www.econbiz.de/10011168834
This paper empirically investigates the evolution and the sources of interest rate pass-through heterogeneity in the Eurozone for a sample of 11 euro area countries over the period 2003M1-2011M12. Considering two harmonized bank retail rates, we first estimate single equation error correction...
Persistent link: https://www.econbiz.de/10011268620
The development of the card payment system allows for lowering the costs of money emission and circulation and thereby leads to significant economic gains. Yet relatively small amount of research has been dedicated to the analysis of the determinants of these developments. Therefore, the aim of...
Persistent link: https://www.econbiz.de/10011212538