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Housing and the macroeconomy: The role of implicit guarantees for government-sponsored enterprises

Jeske, Karsten; Krueger, Dirk; Jeske, Karsten; Krueger, Dirk - 2005

-sponsored enterprises. We construct a model with competitive housing and mortgage markets in which the government provides banks with … insurance against aggregate shocks to mortgage default risk. We use this model to evaluate aggregate and distributional impacts … equilibrium housing investment, higher mortgage default rates, and lower welfare. The welfare effects of this policy vary …

Persistent link: https://www.econbiz.de/10010397682

Mortgages and monetary policy

Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - 2015

can affect household decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt …

Persistent link: https://www.econbiz.de/10011381008

Nominal rigidities in debt and product markets

Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - 2016

framework. The sticky price channel is dominant when shocks to the policy interest rate are temporary, the mortgage channel is …

Persistent link: https://www.econbiz.de/10011796525

Identifying the depreciation rate of durables from marginal spending responses

Cao, Jin; Cui, Chao; Dinger, Valeriya; Holm, Martin Blomhoff - 2022

This paper presents a novel method to estimate the depreciation rate of durable goods using a combination of identified marginal and average spending shares. We apply our method to Chinese spending responses to disposable income changes induced by monetary policy in 2008-2009. The marginal...

Persistent link: https://www.econbiz.de/10013373831

Niedrigzinspolitik und Sparkultur in Japan: Implikationen für die Wirtschaftspolitik

Schnabl, Gunther; Sepp, Tim - 2021

Kreditvergabe. Es wird gezeigt, wie durch die anhaltend lockere Geldpolitik der Bank von Japan die Sparkultur in Japan grundlegend …

Persistent link: https://www.econbiz.de/10012608397

Fiscal Policy and the Monetary Transmission Mechanism

Caramp, Nicolas - 2020

I study the role of fiscal policy in the monetary transmission mechanism. I present a novel decomposition of the equilibrium that links the wealth effect, i.e. the revaluation of households' financial and human wealth, to the fiscal response to monetary policy. When monetary policy has fiscal...

Persistent link: https://www.econbiz.de/10012655884

Monetary Policy and Wealth Effects: The Role of Risk and Heterogeneity

Caramp, Nicolas; Silva, Dejanir H. - 2021

We study the role of wealth effects, i.e. the revaluation of stocks, bonds, and human wealth, in the monetary policy transmission mechanism. The analysis of wealth effects requires to incorporate realistic asset-pricing dynamics and heterogeneous households' portfolios. Thus, we build an...

Persistent link: https://www.econbiz.de/10012655888

State dependence of monetary policy across business, credit and interest rate cycles

Alpanda, Sami; Granziera, Eleonora; Zubairy, Sarah - 2019

We investigate how the business, credit and interest rate cycles affect the monetary transmission mechanism, using state-dependent local projection methods and data from 18 advanced economies. We exploit the time-series variation within countries, as well as cross-sectional variation across...

Persistent link: https://www.econbiz.de/10012661553

Why has home ownership fallen among the young?

Fisher, Jonas D. M.; Gervais, Martin - 2010

improvements in mortgage opportunities seemingly made it easier to purchase a home. This paper uses an equilibrium life-cycle model …

Persistent link: https://www.econbiz.de/10010292126

Late starters or excluded generations? A cohort analysis of catch up in homeownership in England

Bottazzi, Renata; Crossley, Thomas F.; Wakefield, Matthew - 2012

We investigate whether initial differences in speed of entry into homeownership lead to longlasting differences in …

Persistent link: https://www.econbiz.de/10010500216

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