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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

Guyana : housing market and implications for macroprudential policies

Chow, Julian T. S. - 2020

Guyana's residential real estate prices have been rising, particularly in the capital city Georgetown, following the discovery of oil in 2015. In line with the growing demand for housing, commercial banks' housing loans have increased, prompting higher household debt. This paper presents two...

Persistent link: https://www.econbiz.de/10012170146

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

Financial cycles : what? how? when?

Claessens, Stijn; Kose, M. Ayhan; Terrones, Marco E. - 2011

Persistent link: https://www.econbiz.de/10009486246

Financial Cycles : What? How? When?

Terrones, Marco E. - 2011

over the period 1960:1-2007:4. Specifically, we analyze cycles in credit, house prices, and equity prices. We report three …, they are highly synchronized within countries, particularly credit and house price cycles. The extent of synchronization of … financial cycles across countries is high as well, mainly for credit and equity cycles, and has been increasing over time. Third …

Persistent link: https://www.econbiz.de/10014400944

Predicting downside risks to house prices and macro-financial stability

Deghi, Andrea; Katagiri, Mitsuru; Shahid, Sohaib; … - 2020

overvaluation, excessive credit growth, and tighter financial conditions jointly forecast higher house-prices-at-risk up to three …

Persistent link: https://www.econbiz.de/10012252738

One money, many markets : monetary transmission and housing financing in the euro area

Corsetti, Giancarlo; Duarte, João; 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

A European minimum wage : implications for poverty and macroeconomic imbalances

Detragiache, Enrica; Ebeke, Christian; Jirasavetakul, … - 2020

A hypothetical European Minimum Wage (MW) set at 60 percent of each country's median wage would reduce in-work poverty but have limited effects on overall poverty, as many poor households do not earn a wage near MW and higher unemployment, higher prices, and a loss of social insurance benefits...

Persistent link: https://www.econbiz.de/10012251363

Enabling deep negative rates to fight recessions : a guide

Agarwal, Ruchir; Kimball, Miles S. - 2019

The experience of the Great Recession and its aftermath revealed that a lower bound on interest rates can be a serious obstacle for fighting recessions. However, the zero lower bound is not a law of nature; it is a policy choice. The central message of this paper is that with readily available...

Persistent link: https://www.econbiz.de/10012019855

Three Cycles : Housing, Credit, and Real Activity

Tamirisa, Natalia T. - 2009

We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in … advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit …, while the U.S. credit cycle leads mainly over the long term …

Persistent link: https://www.econbiz.de/10014402267