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Financial Frictions and Inflation Differentials in a Monetary Union
Hristov, Nikolay - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation … the fraction of borrowers and to a lesser extent the loan-to-value ratio - generate inflation differentials that are … characteristics of financial markets should be seen as a possible alternative explanation for the observable inflation dispersion in …
Persistent link: https://www.econbiz.de/10013136243
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Financial Frictions and Inflation Differentials in a Monetary Union
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - CESifo - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation … the fraction of borrowers and to a lesser extent the loan-to-value ratio - generate inflation differentials that are … characteristics of financial markets should be seen as a possible alternative explanation for the observable inflation dispersion in …
Persistent link: https://www.econbiz.de/10008727289
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House Prices and Macroprudential Policy in an Estimated DSGE Model of New Zealand
Funke, Michael - 2017
We analyse the effects of macroprudential and monetary policies and their interactions using an estimated dynamic stochastic general equilibrium (DSGE) model tailored to New Zealand. We find that the main historical drivers of house prices are shocks specific to the housing sector. While our...
Persistent link: https://www.econbiz.de/10012953951
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Systematic Monetary Policy and the Macroeconomic Effects of Shifts in Loan-to-Value Ratios
Bachmann, Ruediger - 2017
What are the macroeconomic consequences of changing aggregate lending standards in residential mortgage markets, as measured by loan-to-value (LTV) ratios? In a structural VAR, GDP and business investment increase following an expansionary LTV shock. Residential investment, by contrast, falls, a...
Persistent link: https://www.econbiz.de/10012955193
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Leaning Against Windy Bank Lending
Melina, Giovanni - 2015
inflation and financial stabilization …
Persistent link: https://www.econbiz.de/10013023182
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Out of Sync Subnational Housing Markets and Macroprudential Policies
Funke, Michael - 2018
output and house prices rather than simply minimising the variance of inflation. Thus the findings point to a critical role …
Persistent link: https://www.econbiz.de/10012922555
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Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets - An Overinvestment View
Schnabl, Gunther; Hoffmann, Andreas - 2021
Credit booms have globally fuelled hikes in stock, raw material and real estate markets which have culminated in the recent US subprime market crisis. We explain the global asset market booms since the mid 1980s based on the overinvestment theories of Hayek, Wicksell and Schumpeter. We argue...
Persistent link: https://www.econbiz.de/10013316825
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A Vicious Cycle of Manias, Crashes and Asymmetric Policy Responses - An Overinvestment View
Hoffmann, Andreas - 2013
The business cycles theories of Wicksell (1898), Schumpeter (1912), Mises (1912), Hayek (1929, 1935) and Minsky (1986, 1992) explain business cycles by distorted prices on capital markets, buoyant credit expansion and overinvestment. The exuberance during the boom endogenously causes the...
Persistent link: https://www.econbiz.de/10013095338
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The Price Puzzle Revisited : Can the Cost Channel Explain a Rise in Inflation after a Monetary Policy Shock?
Henzel, Steffen - 2013
restrictions which are not rejected by the data - the cost channel helps to generate an initial rise of inflation after a monetary …
Persistent link: https://www.econbiz.de/10012753889
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Generalized Taylor and Generalized Calvo Price and Wage-Setting : Micro Evidence with Macro Implications
Dixon, Huw David - 2013
found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …
Persistent link: https://www.econbiz.de/10013094533