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One money, many markets : monetary transmission and housing financing in the euro area
Corsetti, Giancarlo; Duarte, Joao B.; Mann, Samuel - 2020
We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption,...
Persistent link: https://www.econbiz.de/10012252067
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The costs of macroprudential deleveraging in a liquidity trap
Chen, Jiaqian; Finocchiaro, Daria; Lindé, Jesper; … - 2020
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...
Persistent link: https://www.econbiz.de/10012251966
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Household debt and house prices-at-risk : a tale of two countries
Alter, Adrian; Mahoney, Elizabeth M. - 2020
To identify and quantify downside risks to housing markets, we apply the house price-at-risk methodology to a sample of 37 cities across the United States and Canada using quarterly data from 1983 to 2018. This paper finds that downside risks to housing markets in the United States have...
Persistent link: https://www.econbiz.de/10012251283
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Secular drivers of the natural rate of interest in the United States : a quantitative evaluation
Platzer, Josef; Peruffo, Marcel - 2022
We develop a heterogeneous agent, overlapping generations model with nonhomothetic preferences that nests several explanations for the decline in the natural rate of interest (r*) suggested in the literature: demographic change, a slowdown in productivity growth, a rise in income inequality, and...
Persistent link: https://www.econbiz.de/10013170272
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Has higher household indebtedness weakened monetary policy transmission?
Gelos, Gaston; Grinberg, Federico; Mancini Griffoli, Tommaso - 2019
Has monetary policy in advanced economies been less effective since the global financial crisis because of deteriorating household balance sheets? This paper examines the question using household data from the United States. It compares the responsiveness of household consumption to monetary...
Persistent link: https://www.econbiz.de/10012001512
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Household deleveraging and saving rates : a cross-country analysis
Bouis, Romain - 2021
Historically high household debt in several economies is calling for a deleveraging, but according to some economists, this adjustment can slow GDP growth by weighing on consumption. Using a sample of advanced and emerging market economies, this paper finds evidence of a negative relationship...
Persistent link: https://www.econbiz.de/10012796301
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Consumption effects of mortgage payment holidays : evidence during the COVID-19 pandemic
Albuquerque, Bruno; Varadi, Alexandra - 2022
We use UK transaction-level data during the Covid-19 pandemic to study whether mortgage payment holidays (PH) can act … as a mechanism for smoothing household consumption following negative aggregate shocks. Our results suggest that mortgage … mortgage PH led to higher saving rates for more financially-stable households …
Persistent link: https://www.econbiz.de/10013170081
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Stabilizing the system of mortgage finance in the United States
Koss, Richard A. - 2017
mortgage finance can be seen building across several dimensions that need to be addressed. While reforms to the GSEs are an … important part of dealing with these concerns, this paper argues that broader changes need to be made across the entire mortgage …
Persistent link: https://www.econbiz.de/10011705383
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Bank competition, risk taking, and their consequences : evidence from the U.S. mortgage and labor markets
Feng, Alan Xiaochen - 2018
-level U.S. mortgage data by exploiting the exogenous variation in local house price volatility. The paper finds that, in … response to high expected house price volatility, banks in U.S. counties with a competitive mortgage market lowered lending …
Persistent link: https://www.econbiz.de/10011878684
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What fuels the boom drives the bust : regulation and the mortgage crisis
Dagher, Jihad C.; Fu, Ning - 2011
Persistent link: https://www.econbiz.de/10009422425