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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 house-price increases since housing and non-housing consumption are imperfect substitutes. To identify this channel, we take a structural approach to mortgage demand and supply,...

Persistent link: https://www.econbiz.de/10014633602

Tenure choice : fundamentals and a simulation

Furtado, Bernardo Alves; Souza, João Gabriel de Moraes - 2020

Real estate markets are subject to dynamic, ever-changing influences from location, amenities and neighborhoods; regulation, zoning and population changes; but also - macroeconomic variables, such as interest rates, inflation and economic cycles. The decision to buy or rent a durable,...

Persistent link: https://www.econbiz.de/10012233003

A novel housing price misalignment indicator for Germany

Hertrich, Markus - 2019

From 2014 until present, housing prices in Germany have been rising faster than consumer prices in all quarters except one, raising concerns about an excessive over-heating of the housing market. To assess the vulnerability of the German housing market to a future realignment of prices or even a...

Persistent link: https://www.econbiz.de/10012098990

The German housing market cycle : answers to FAQs

Kajuth, Florian - 2020

This paper analyses the behaviour of prices and supply on the German housing market taking into account the interaction between prices and quantities. A novel price index for residential property prices covering the whole country going back to 1993 is used in a macroeconomic model to estimate...

Persistent link: https://www.econbiz.de/10012197884

Asset prices, collateral, and unconventional monetary policy in a DSGE model

Hilberg, Björn; Hollmayr, Josef - 2013

bank can stabilize all variables at the cost of higher inflation and that macroeconomic volatility is smallest if the …

Persistent link: https://www.econbiz.de/10010192797

Macro to the rescue? : an analysis of macroprudential instruments to regulate housing credit

Falter, Alexander - 2019

This paper builds a macro model with a financial sector and a housing market to understand the transmission and effects of macroprudential instruments addressing mortgage credit. The model compares the introduction of a loan-to-value ratio (LTV), a countercyclical capital buffer (CCyB)-style...

Persistent link: https://www.econbiz.de/10012034723

Monetary policy, housing, and collateral constraints

Franz, Thorsten - 2019

House-purchasing decisions and the possibility of existing homeowners to tap into their housing equity depend decisively on prevailing loan-to-value (LTV) ratios in mortgage markets with borrowing constrained households. Utilizing a smooth transition local projection (STLP) approach, I show that...

Persistent link: https://www.econbiz.de/10011963152

Housing demand and tenure choice in Brazilian urban areas

Morais, Maria da Piedade; Cruz, Bruno de Oliveira - 2017

This paper analyzes the main determinants of tenure choice in Brazil in formal and informal housing markets. Logit and Multinomial Logit models with several specifications are used to test the household's tenure choice behavior taking demographic, social, economic and locational factors as...

Persistent link: https://www.econbiz.de/10012061001

Higher-order income risk over the business cycle

Busch, Christopher; Ludwig, Alexander - 2020

We extend the canonical income process with persistent and transitory risk to shock distributions with left … data from the United States. We find countercyclical variance and procyclical skewness of persistent shocks. All shock …

Persistent link: https://www.econbiz.de/10012215285

Banking market structure and macroeconomic stability : are low-income countries special?

Bremus, Franziska; Buch, Claudia M. - 2014

Does the structure of banking markets affect macroeconomic volatility and, if yes, is this link different in low … markets affects macroeconomic volatility. Our research has three main findings. First, we study the relevance of granular … effects: if the degree of market concentration in the banking sector is sufficiently high, idiosyncratic volatility at the …

Persistent link: https://www.econbiz.de/10010471853