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Low Homeownership in Germany - A Quantitative Exploration
Kaas, Leo - 2018
The homeownership rate in Germany is one of the lowest among advanced economies. To better understand this fact, we … analyze the role of three specific policies which discourage homeownership in Germany: an extensive social housing sector with … payments by owner-occupiers. We build a lifecycle model with uninsurable income risk and endogenous homeownership in order to …
Persistent link: https://www.econbiz.de/10012929253
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Monetary Policy Transmission and House Prices : European Cross-Country Evidence
Carstensen, Kai - 2013
This paper explores the importance of housing and mortgage market heterogeneity in 12 European countries for the transmission of monetary policy. We use a panel VAR model which is estimated over the period 1995-2006 to generate impulse responses of key macroeconomic variables to a monetary...
Persistent link: https://www.econbiz.de/10013095720
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House Prices, Local Demand, and Retail Prices
Stroebel, Johannes - 2015
, particularly in high homeownership locations, because greater housing wealth reduces homeowners' demand elasticity, and firms raise …
Persistent link: https://www.econbiz.de/10013009877
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Homeownership and Entrepreneurship : The Role of Mortgage Debt and Commitment
Bracke, Philippe - 2014
We study the link between homeownership, mortgage debt, and entrepreneurship using a model of occupational choice and …
Persistent link: https://www.econbiz.de/10013044547
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Explaining Spatial Variation in Homeownership Rates : Results for German Regions
Lerbs, Oliver; Oberst, Christian - 2021
A wide range of aggregate data is used to examine the spatial variation in homeownership rates among a cross-section of … spatial dependence in homeownership levels. In addition to familiar demographic and socioeconomic variables, the regional … disparities in homeownership rates between eastern and western Germany as well as between rural, urbanized and agglomerated …
Persistent link: https://www.econbiz.de/10013316053
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Differences in Euro-Area Household Finances and Their Relevance for Monetary-Policy Transmission
Hintermaier, Thomas - 2019
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house … portfolios, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the … heterogeneity in household finances implies that responses of consumption to changes in the real interest rate and in house prices …
Persistent link: https://www.econbiz.de/10012898763
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US Monetary Policy in a Globalized World
Cuaresma, Jesús Crespo - 2016
We analyze the interaction between monetary policy in the US and the global economy, using a global vector autoregressive model with time-varying parameters and stochastic volatility (TVP-SV-GVAR). We find that a contractionary US monetary policy shock leads to a persistent fall in international...
Persistent link: https://www.econbiz.de/10012994181
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Monetary Policy Transmission and Trade-Offs in the United States : Old and New
Hofmann, Boris - 2018
This study shows that, in the United States, the effects of monetary policy on credit and housing markets have become considerably stronger relative to the impact on GDP since the mid-1980s, while the effects on inflation have become weaker. Macroeconomic stabilization through monetary policy...
Persistent link: https://www.econbiz.de/10012930281
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State-Dependent Transmission of Monetary Policy in the Euro Area
Burgard, Jan Pablo - 2018
In this paper, we estimate a logit mixture vector autoregressive (Logit-MVAR) model describing monetary policy transmission in the euro area over the period 1999-2015. MVARs allow us to differentiate between different states of the economy. In our model, the time-varying state weights are...
Persistent link: https://www.econbiz.de/10012914916
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The Risk-Taking Channel of Monetary Policy Transmission in the Euro-Area
Neuenkirch, Matthias - 2018
In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through the relaxation of lending standards for borrowers. Our dataset covers the period 2003Q1-2016Q2 and includes, in addition to the standard variables for real GDP growth,...
Persistent link: https://www.econbiz.de/10012917006