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Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...

Persistent link: https://www.econbiz.de/10010468583

The great mortgaging : housing finance, crises, and business cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014

course of the 20th century, driven by a sharp rise of mortgage lending to households. Household debt to asset ratios have …

Persistent link: https://www.econbiz.de/10010412763

Housing market expectations

Kuchler, Theresa; Piazzesi, Monika; Stroebel, Johannes - 2022

purchasing and mortgage financing decisions. Finally, we highlight research on how expectations affect aggregate outcomes in the …

Persistent link: https://www.econbiz.de/10013170986

Home ownership and monetary policy transmission

Koeniger, Winfried; Ramelet, Marc-Antoine - 2018

We present empirical evidence on the heterogeneity in monetary policy transmission across countries with different home ownership rates. We use household-level data together with shocks to the policy rate identified from high-frequency data. We find that housing tenure reacts more strongly to...

Persistent link: https://www.econbiz.de/10011933761

Taxing homeowners who won’t borrow

Wong, Francis - 2024

Using high-frequency administrative data covering millions of US homeowners, I document three novel facts about homeowner responses to property tax increases driven by rising home values. First, non-migrating homeowners cut consumption, exhibit financial distress, and do not borrow against their...

Persistent link: https://www.econbiz.de/10014564315

Housing-consumption channel of mortgage demand

Ahlfeldt, Gabriel M.; Szumilo, Nikodem; Tripathy, Jagdish - 2024

We quantify the housing-consumption channel in mortgage demand according to which households borrow more following … a structural approach to mortgage demand and supply, exploiting exogenous variation in house-price growth and a unique … dataset with matched transaction-price and mortgage information. We estimate an elasticity of mortgage borrowing to house …

Persistent link: https://www.econbiz.de/10014637339

Financial stability and monetary policy : a framework

Illing, Gerhard (contributor) - 2007

Persistent link: https://www.econbiz.de/10003496868

Housing market dynamics : on the contribution of income shocks and credit constraints

Ortalo-Magné, François; Rady, Sven - 2001

are heterogeneous with respect to income and preferences, and mortgage lending is restricted by a down-payment requirement …

Persistent link: https://www.econbiz.de/10011398664

Bargaining over residential real estate : evidence from England

Merlo, Antonio; Ortalo-Magné, François - 2002

This paper presents and investigates a new data set of individual residential property transactions in England. The main novelty of the data is the record of all listing price changes and all offers made on a property, as well as all the visits by potential buyers for a subset of the properties....

Persistent link: https://www.econbiz.de/10011541128

Differences in euro-area household finances and their relevance for monetary-policy transmission

Hintermaier, Thomas; Koeniger, Winfried - 2018

This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a liquid financial asset...

Persistent link: https://www.econbiz.de/10011863469