real house price, residential investment and mortgage debt on the two sides of the Atlantic. Then, it presents evidence …

main facts: first, the features of residential mortgage markets differ markedly across industrialized countries; second … house prices is significantly stronger in those countries with larger flexibility/development of mortgage markets; third …, the transmission to consumption is stronger only in those countries where mortgage equity release is common and mortgage …

behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher …

between 2015 and 2021 has sparked renewed interest in the link between the two variables. Asset-pricing theory suggests that …-elasticity), which is consistent with asset pricing theory. Our empirical results suggest that, in a low interest rate environment such …

central bank collateral framework and regulation determine jointly the ability of the banking system to deliver maturity … bank collateral and why a sudden non-anticipated reduction of asset liquidity, or a tightening of the collateral framework …, can destabilize short term liabilities of banks. Finally, the model allows discussing how the collateral framework can be …

unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of …

on a simple asset pricing model and employing a dataset of hypothetical Eurosystem collateral positions, we simulate and … quantify the resulting change in collateral value pledged by counterparties to the Eurosystem, resulting from a transaction … cost shock. A 10 basis point increase in transaction costs entails a direct -0.30% decrease of collateral value and a -0 …

The paper studies the central bank collateral framework and its impact on banks’ liquidity under an adverse stress test … significantly after the initial shock. We find evidence of a threshold in the benefits of expanding the collateral framework and … institutions can rely on the collateral framework channel …

real house price, residential investment and mortgage debt on the two sides of the Atlantic. Then, it presents evidence …