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Housing Finance and Monetary Policy
Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - 2021
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 …
Persistent link: https://www.econbiz.de/10013316354
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Booms and Busts in Housing Markets : Determinants and Implications
Agnello, Luca - 2009
Panel Probit model over the period 1980-2007. It finds that 1) most recent housing booms have been very persistent and of a … term interest rates, local and global money and credit developments, and the incidence of mortgage market deregulation …
Persistent link: https://www.econbiz.de/10013158164
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Real Estate Markets and Macroprudential Policy in Europe
Hartmann, Philipp - 2015
Boom-bust cycles in real estate markets have been major factors in systemic financial crises and therefore need to be at the forefront of macroprudential policy. The geographically differentiated nature of real estate market fluctuations implies that these policies need to be granular across...
Persistent link: https://www.econbiz.de/10013020662
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Housing Market Dynamics : Any News?
Gomes, Sandra - 2015
This paper explores the link between agent expectations and housing market dynamics. We focus on shifts in the fundamental driving forces of the economy that are anticipated by rational forward-looking agents, i.e. news shocks. Using Bayesian methods and U.S. data, we find that...
Persistent link: https://www.econbiz.de/10013025023
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News and Noise in the Housing Market
Gazzani, Andrea Giovanni - 2016
Housing prices are subject to boom and bust episodes with long-lasting deviation from fundamentals. By considering a present value housing price model under noisy information, I study the macroeconomic implications of movements in housing prices related (news) and not related (noise) to future...
Persistent link: https://www.econbiz.de/10012986653
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Business, Housing and Credit Cycles
Rünstler, Gerhard - 2016
We use multivariate unobserved components models to estimate trend and cyclical components in GDP, credit volumes and house prices for the U.S. and the five largest European economies. With the exception of Germany, we find large and long cycles in credit and house prices, which are highly...
Persistent link: https://www.econbiz.de/10012988605
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Leveraged Property Cycles
Jaccard, Ivan - 2021
This paper studies the effects of imperfect risk-sharing between lenders and borrowers on commercial property prices and leverage. The key friction is that agents use different discount rates to evaluate future flows. Eliminating this pecuniary externality generates large reductions in the...
Persistent link: https://www.econbiz.de/10013231956
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An Alternative Method for Identifying Booms and Busts in the Euro Area Housing Market
Gerdesmeier, Dieter - 2015
The main aim of this paper is to apply a method based on fundamentals ─ which has already been applied in the stock market analysis ─ to detect boom/bust in the housing market, with a focus on the euro area. In this context, an underlying model is developed and tested. It turns out that the...
Persistent link: https://www.econbiz.de/10013036277
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Home, Safe Home : Cross-Country Monitoring Framework for Vulnerabilities in the Residential Real Estate Sector
Bengtsson, Elias - 2017
This paper proposes a framework for monitoring vulnerabilities related to the residential real estate sector in a cross-country context. The framework might be useful for complementing or cross-checking signals available from existing approaches. It takes into account three dimensions of real...
Persistent link: https://www.econbiz.de/10012948367
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Housing, Consumption and Monetary Policy : How Different are the US and the Euro Area?
Musso, Alberto - 2012
real house price, residential investment and mortgage debt on the two sides of the Atlantic. Then, it presents evidence …
Persistent link: https://www.econbiz.de/10013116395