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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

Mortgage defaults

Hatchondo, Juan Carlos; Martinez, Leonardo; Sanchez, Juan M. - 2012

Persistent link: https://www.econbiz.de/10009423925

Non-primary home buyers, shadow banking, and the US housing market

Alter, Adrian; Dernaoui, Zaki - 2020

This paper studies the US housing market using a proprietary and comprehensive dataset covering nearly 90 million residential transactions over 1998-2018. First, we document the evolution of different types of investment purchases such as those conducted by short-term buyers, out-of-state...

Persistent link: https://www.econbiz.de/10012301958

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

Latin America : vulnerabilities under construction?

Cubeddu, Luis; Tovar, Camilo Ernesto; Tsounta, Evridiki - 2012

This paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and … compares them with those of other emerging economies. In particular, it examines the real estate and mortgage markets to assess … whether (i) growth in mortgage credit is excessive compared to long-term trends; (ii) trends in house prices reflect changes …

Persistent link: https://www.econbiz.de/10009620961

Global housing cycles

Igan, Deniz; Loungani, Prakash - 2012

Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements....

Persistent link: https://www.econbiz.de/10009621624

Do lenders make less-informed investments in high-growth housing markets?

Chen, Sophia; Ratnovski, Lev; Sun, Yangfan - 2021

Nonlocal mortgage lenders with greater exposure to high-growth housing markets accept fewer loan applications in these … lenders' exposure to high-growth markets is associated with more risk, more efficiency, and more return on mortgage portfolios …

Persistent link: https://www.econbiz.de/10012612342

Real estate in the Netherlands : a taxonomy of risks and policy challenges

Geis, André; Luca, Oana - 2021

Soaring real estate prices and valuations despite the economic downturn brought by the pandemic have focussed the attention of Dutch policymakers on potential macro-financial and socio-economic implications. In this context, our paper reviews the salient features of Dutch commercial and...

Persistent link: https://www.econbiz.de/10012605499

House prices and macroprudential policies : evidence from city-level data in India

Singh, Bhupal - 2020

This paper examines the efficacy of macroprudential policies in addressing housing prices in a developing country while underscoring the importance of fundamental factors. The estimated models using city-level data for India suggest a strong influence of fundamental factors in driving housing...

Persistent link: https://www.econbiz.de/10012487161

The anatomy of the transmission of macroprudential policies

Acharya, Viral V.; Bergant, Katharina; Crosignani, Matteo; … - 2020

-a?ect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Supervisory loan … level data suggest that mortgage credit is reallocated from low-to high-income borrowers and from urban to rural counties …

Persistent link: https://www.econbiz.de/10012251338

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