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How do House Prices Respond to Mortgage Supply?
Barone, Guglielmo - 2020
We examine the impact of household mortgages on house prices. Using biannual data on Italian cities for the years 2003 …-2015, we build an exogenous and fully data-driven indicator of mortgage supply stances and use it as an instrument for actual … extended mortgages. Our results indicate that mortgages have a positive and significant causal effect on house prices, with an …
Persistent link: https://www.econbiz.de/10012827456
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Fiscal Buffers, Private Debt and Recession : The Good, the Bad and the Ugly
Batini, Nicoletta - 2019
Focusing on Euro-Area countries, we show empirically that higher private debt leads to deeper recessions while higher public debt does not, unless its level is especially high. We then build a general equilibrium model that replicates these dynamics and use it to design a policy that can...
Persistent link: https://www.econbiz.de/10012898837
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House Price Cycles in Emerging Economies
Ciarlone, Alessio - 2012
In this paper, I investigate the characteristics of house price dynamics for a sample of 16 emerging economies from Asia and Central and Eastern Europe, over the period 1995-2011. Linking housing valuations to a set of conventional fundamental determinants – relative to both the supply and the...
Persistent link: https://www.econbiz.de/10013106589
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Housing Market Spillovers : Evidence from an Estimated DSGE Model
Neri, Stefano - 2008
The ability of a two-sector model to quantify the contribution of the housing market to business fluctuations is investigated using U.S. data and Bayesian methods. The estimated model, which contains nominal and real rigidities and collateral constraints, displays the following features: first,...
Persistent link: https://www.econbiz.de/10012725076
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Wealth Effects in Emerging Economies
Ciarlone, Alessio - 2012
In this paper I estimate the impact of changes in real and financial wealth – proxied by house and stock market prices – on private consumption for a panel of sixteen emerging economies in Asia and Central and Eastern Europe. Using recent econometric techniques for heterogeneous panels, i.e....
Persistent link: https://www.econbiz.de/10013110053
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Household Debt and Income Inequality : Evidence from Italian Survey Data
Loschiavo, David - 2017
Does regional income inequality affect a household's likelihood of being indebted? This question is addressed by using survey data on Italian households. The analysis shows that inequality in the regional income distribution has a negative effect on the probability of being indebted. In...
Persistent link: https://www.econbiz.de/10012960914
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The Determinants of Household Debt : A Cross-Country Analysis
Coletta, Massimo - 2015
In most countries household debt increased from the 1990s until the crisis of 2007-2008 before stabilizing due to recession and deleveraging. However, there are national differences in household debt/GDP ratios. This paper studies the determinants of household debt, using a 32-country dataset...
Persistent link: https://www.econbiz.de/10013027369
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Housing, Consumption and Monetary Policy : How Different are the U.S. And the Euro Area?
Musso, Alberto - 2011
sides of the Atlantic, such as real house prices, residential investment and mortgage debt. It then presents evidence from …
Persistent link: https://www.econbiz.de/10013124765
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Natural Expectations and Home Equity Extraction
Pancrazi, Roberto - 2015
In this paper we show that long-run expectations about future housing prices of both households and, especially, financial intermediaries had a large impact on households' indebtedness during the recent boom in U.S. housing prices. We introduce the theory of natural expectations in a...
Persistent link: https://www.econbiz.de/10013027969
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The Rise of Risk-Based Pricing of Mortgage Interest Rates in Italy
Magri, Silvia - 2011
The paper assesses the extent to which mortgage rates in Italy are priced according to credit risk as proxied by the … probability of household mortgage delinquency estimated using the EU-Silc database. For reasons of data availability we restrict … the analysis of mortgage pricing to Italian households. Consistent with the more extensive use of credit scoring …
Persistent link: https://www.econbiz.de/10013128110