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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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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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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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Relationship and Transaction Lending in a Crisis
Bolton, Patrick - 2014
We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, which allows them to provide loans for profitable firms during a crisis. Due to the services they provide, operating costs...
Persistent link: https://www.econbiz.de/10013062240
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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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Liquidity Risk and the Credit Crunch of 2007-2008 : Evidence from Micro-Level Data on Mortgage Loan Applications
Antoniades, Adonis - 2014
relying on the use of micro-level data on US mortgage loan applications, which allows me to identify liquidity risk as an … important determinant of the contraction of credit in the mortgage market, but as separate from the precipitous fall in credit …
Persistent link: https://www.econbiz.de/10013039970
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Payments, Credit and Asset Prices
Piazzesi, Monika - 2018
This paper studies a modern monetary economy: trade in both goods and securities relies on money provided by intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the transmission of monetary policy then depend on the...
Persistent link: https://www.econbiz.de/10012914919
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Monetary Policy Hysteresis and the Financial Cycle
Rungcharoenkitkul, Phurichai - 2019
This paper studies the interaction between monetary policy and macroeconomic stability in a model with two distinguishing features. First, financing - cash flows - underpins all economic activity, with banks generating deposits by granting loans. Money is non-neutral as the policy interest rate...
Persistent link: https://www.econbiz.de/10012861838
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Predicting Recessions : Financial Cycle versus Term Spread
Borio, Claudio E. V. - 2019
Financial cycles can be important drivers of real activity, but there is scant evidence about how well they signal recession risks. We run a horse race between the term spread - the most widely used indicator in the literature - and a range of financial cycle measures. Unlike most papers, ours...
Persistent link: https://www.econbiz.de/10012861342
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Fiscal Sustainability and the Financial Cycle
Borio, Claudio E. V. - 2016
A frequently neglected aspect of financial booms and busts - financial cycles - is their impact on fiscal positions. And yet, the latest financial crisis and history show that these cycles can wreak havoc with public finances. After reviewing the impact of financial cycles on fiscal positions,...
Persistent link: https://www.econbiz.de/10012996412