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Home win: What if Britain solved its housing crisis?

Niemietz, Kristian - 2024

This paper is written in the style of a report from the future (the year 2035), or more precisely, from a possible future, in which Britain has successfully solved its housing crisis. Looking 'back', it tells the story of how this happened, and what the consequences were. It starts with a...

Persistent link: https://www.econbiz.de/10015334121

The interest rate and credit channels in Belgium: an investigation with micro-level firm data

Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001

This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a comprehensive database of Belgian firms covering all sectors of economic activity and firms of all sizes. We proceed in two steps. First, we estimate a reduced-form investment equation...

Persistent link: https://www.econbiz.de/10011506540

The announcement effect: Evidence from open market desk data

Jordà, Òscar; Demiralp, Selva; Liu, Holly; Williams, … - 2001

This paper investigates the ability of the Federal Reserve to manipulate the overnight rate without open market operations (which Demiralp and Jorda (2000) term the announcement effect), using high-frequency, open-market-desk data. Using similar data, Hamilton (1997) takes advantage of forecast...

Persistent link: https://www.econbiz.de/10010318605

Causes and cures of the great recession

Horwitz, Steven Gary - 2012

The causes of the Great Recession lie in misguided government policy, not in the underlying workings of the market.Executive Summary:For many, the Great Recession and the boom that preceded it are evidence of the failure of the supposed deregulation of financial markets in the last decade and...

Persistent link: https://www.econbiz.de/10015334117

Firm entry, inflation and the monetary transmission mechanism

Lewis, Vivien; Poilly, Céline - 2011

This paper estimates a business cycle model with endogenous firm entry by matching impulse responses to a monetary policy shock in US data. Our VAR includes net business formation, profits and markups. We evaluate two channels through which entry may influence the monetary transmission process....

Persistent link: https://www.econbiz.de/10011506731

Housing collateral and the monetary transmission mechanism

Walentin, Karl; Sellin, Peter - 2010

In this paper our main aim is to quantify the role that housing collateral plays for the monetary transmission mechanism. Furthermore, we want to explore the implications of the increase in household indebtedness, and specifically the loan-to-value ratio, in the last two decades. We set up a two...

Persistent link: https://www.econbiz.de/10010320736

Geldpolitik und Vermögensmärkte

Dreger, Christian; Wolters, Jürgen - In: Vierteljahrshefte zur Wirtschaftsforschung 78 (2009) 1, pp. 56-65

. Andererseits wäre im Fall steigender Vermögenspreise eine restriktivere Geldpolitik erforderlich, die die Dynamik von Produktion … die USA, den Euroraum, Japan und Großbritannien spezifiziert. Während die Geldpolitik keinen Einfluss auf die Entwicklung … eine restriktivere Geldpolitik bei nicht fundamental begründeten Preissteigerungen tatsächlich dämpfend auf die Entwicklung …

Persistent link: https://www.econbiz.de/10010377866

Monetary policy, asset prices and macroeconomic conditions: a panel-VAR study

Assenmacher-Wesche, Katrin; Gerlach, Stefan - 2008

This paper studies the relationships between inflation, economic activity, credit, monetary policy, and residential property and equity prices in 17 OECD countries, using quarterly data for 1986-2006. Using a panel VAR, we find plausible and significant responses to a monetary policy shock....

Persistent link: https://www.econbiz.de/10011506670

Housing finance and monetary policy

Calza, Alessandro; Stracca, Livio; Monacelli, Tommaso - 2009

We study how the structure of housing finance affects the transmission of monetary policy shocks. We document three main facts: first, the features of residential mortgage markets differ markedly across industrialized countries; second, and ac- cording to a wide range of indicators, the...

Persistent link: https://www.econbiz.de/10011605115

Monetary policy, housing booms and financial (im)balances

Eickmeier, Sandra; Hofmann, Boris - 2010

This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...

Persistent link: https://www.econbiz.de/10011605224