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Is Housing Wealth An 'ATM'? : The Relationship Between Household Wealth, Home Equity withdrawal, and Saving Rates

Klyuev, Vladimir - 2006

This paper examines the role increasing personal wealth and home equity withdrawal (HEW) have had in the decline in the personal saving rate in the United States. It does so by comparing the U.S. experience with those of Australia, Canada, and the United Kingdom. Mortgage market liberalization...

Persistent link: https://www.econbiz.de/10014402991

The rich and the Great Recession

Bakker, Bas B.; Felman, Joshua - 2014

Persistent link: https://www.econbiz.de/10010479444

Distributional effects of monetary policy

Bonifacio, Valentina; Brandao Marques, Luis; Budina, Nina; … - 2021

As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels...

Persistent link: https://www.econbiz.de/10012605530

Housing price, credit, and output cycles : how domestic and external shocks impact Lithuania’s credit

Ioannou, Iacovos - 2018

Lithuania's current credit cycle highlights the strong link between housing prices and credit. We explore this relationship in more detail by analyzing the main features of credit, housing price, and output cycles in Baltic and Nordic countries during1995-2017. We find a high degree of...

Persistent link: https://www.econbiz.de/10011878703

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

Procyclicality in Central Bank Reserve Management : Evidence From the Crisis

Pihlman, Jukka - 2010

A decade-long diversification of official reserves into riskier investments came to an abrupt end at the beginning of the global financial crisis, when many central bank reserve managers started to withdraw their deposits from the banking sector in an apparent flight to quality and safety. We...

Persistent link: https://www.econbiz.de/10014402676

Measuring U.S. core inflation : the stress test of COVID-19

Ball, Laurence M.; Leigh, Daniel; Mishra, Prachi; … - 2021

Large price changes in industries affected by the COVID-19 pandemic have caused erratic fluctuations in the U.S. headline inflation rate. This paper compares alternative approaches to filtering out the transitory effects of these industry price changes and measuring the underlying or core level...

Persistent link: https://www.econbiz.de/10012795049

Optimal Price Indices for Targeting Inflation Under Incomplete Markets

Anand, Rahul - 2010

In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We develop a two-sector two-good new-Keynesian model to study the optimal choice of price index in markets with financial frictions. We find that,...

Persistent link: https://www.econbiz.de/10014397170

Monetary policy with negative interest rates : decoupling cash from electronic money

Assenmacher-Wesche, Katrin; Krogstrup, Signe - 2018

Monetary policy space remains constrained by the lower bound in many countries, limiting the policy options available to address future deflationary shocks. The existence of cash prevents central banks from cutting interest rates much below zero. In this paper, we consider the practical...

Persistent link: https://www.econbiz.de/10011905923

Wealth inequality and private savings : the case of Germany

Dao, Mai - 2020

This paper explores the interaction between corporate ownership concentration and private savings, and by extension …, the current account balance in Germany. As high corporate savings largely reflected capital income accruing to wealthy … widening top income inequality, rising private savings and compressed consumption rates. Rising corporate profits in an …

Persistent link: https://www.econbiz.de/10012252060

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