output, employment, and firm debt during the Great Recession (2007-2009) in the United States, we find that the credit shock … the drop in output and employment. …

Mortgages are prime examples of long-term nominal loans. As a result, under incomplete asset markets, monetary policy … can affect household decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt …, have larger real effects than transitory shocks. The transmission is stronger under adjustable- than fixed-rate mortgages …

labour market reforms impacted employment in different age groups. …

more households partake in mortgage finance in their entry to homeownership, and (ii) financial intensity, in which … the Household Finance and Consumption Survey, it argues that a process of financialisation of the household is underway on … the Maltese islands, primarily via the mortgage market. This process is characterised by (i) financial extension, in which …

After three decades of being relatively constant, the homeownership rate increased over the period 1994 to 2005 to … played changes in demographic factors and innovations in the mortgage market which lessened downpayment requirements. To … generation model with housing. We find that the long-run importance of the introduction of new mortgage products for the …

important theoretical links betweeen house prices, credit and consumption. The model features a rich set of features that are … and consumption during a credit boom by using these two policy tools to 'lean against the wind'. MEDSEA-FIN is therefore …