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The Causal Effect of House Prices on Mortgage Demand and Mortgage Supply : Evidence from Switzerland
Basten, Christoph - 2016
We identify the causal effect of house prices on mortgage demand and supply in Switzerland by exploiting exogenous … mortgage amounts. The full partial correlation of 0.78% suggests also positive feedback from mortgage volumes to house prices …. While we find higher house prices to increase mortgage demand, banks respond if anything with fewer offers and higher rates …
Persistent link: https://www.econbiz.de/10012995805
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Housing Prices, Mortgage Interest Rates and the Rising Share of Capital Income in the United States
La Cava, Gianni - 2016
Piketty (2014) documents how the share of aggregate income going to capital in the United States has risen in the post-war era. Rognlie (2015) has since shown that this is largely due to the housing sector. This paper explores the determinants of the secular rise in the share of housing capital...
Persistent link: https://www.econbiz.de/10012986259
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Can Non-Interest Rate Policies Stabilise Housing Markets? Evidence from a Panel of 57 Economies
Kuttner, Kenneth N. - 2014
Using data from 57 countries spanning more than three decades, this paper investigates the effectiveness of nine non-interest rate policy tools, including macroprudential measures, in stabilising house prices and housing credit. In conventional panel regressions, housing credit growth is...
Persistent link: https://www.econbiz.de/10013058585
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Can Regulation on Loan-Loss-Provisions for Credit Risk Affect the Mortgage Market? Evidence from Administrative Data in Chile
Calani, Mauricio - 2019
the quality of their portfolio, but also contracting their supply of mortgage credit. We reach this conclusion by …-country evidence. In turn, our analysis narrows down to one particular policy in the mortgage market, and dissects its effects by …
Persistent link: https://www.econbiz.de/10012872052
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Accounting for Debt Service : The Painful Legacy of Credit Booms
Drehmann, Mathias - 2017
When taking on new debt, borrowers commit to a pre-specified path of future debt service. This implies a predictable lag between credit booms and peaks in debt service which, in a panel of household debt in 17 countries, is four years on average. The lag is driven by two key features of the...
Persistent link: https://www.econbiz.de/10012953867
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The Role of Household Debt Heterogeneity on Consumption : Evidence from Japanese Household Data
Nakajima, Jouchi - 2018
This paper estimates the impact of household debt on consumption behaviour using data from the Japanese Preference Parameters Study. Covering the 2005-13 period, the survey is the first of its kind for Japan. It features responses to forward-looking questions about key risks to income, shedding...
Persistent link: https://www.econbiz.de/10012914109
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The Impact of Macroprudential Housing Finance Tools in Canada
Allen, Jason - 2017
macroprudential policy changes in Canada using a microsimulation model of mortgage demand of first-time homebuyers. Policies targeting …
Persistent link: https://www.econbiz.de/10012956622
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The Real Effects of Household Debt in the Short and Long Run
Lombardi, Marco J. - 2017
Household debt levels relative to GDP have risen rapidly in many countries over the past decade. We investigate the macroeconomic impact of such increases by employing a novel estimation technique proposed by Chudik et al (2016), which tackles the problem of endogeneity present in traditional...
Persistent link: https://www.econbiz.de/10012964573
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Household Decisions, Credit Markets and the Macroeconomy : Implications for the Design of Central Bank Models
Muellbauer, John - 2013
It is widely acknowledged that the recent generation of DSGE models failed to incorporate many of the liquidity and financial accelerator mechanisms revealed in the global financial crisis that began in 2007. This paper complements the papers presented at the 2009 BIS annual conference focused...
Persistent link: https://www.econbiz.de/10013094782
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Interest Rates and House Prices in the United States and Around the World
Sutton, Gregory D. - 2017
This paper estimates the response of house prices to changes in short- and long-term interest rates in 47 advanced and emerging market economies. We use data that statistical authorities selected as their best house price series, covering almost half a century of quarterly observations for the...
Persistent link: https://www.econbiz.de/10012945708