Mortgages are prime examples of long-term nominal loans. As a result, under incomplete asset markets, monetary policy …, have larger real effects than transitory shocks. The transmission is stronger under adjustable- than fixed-rate mortgages …

This paper models the housing sector, mortgages and endogenous default in a DSGE setting with nominal and real … housing demand shock. Next we use our estimated model to evaluate a policy that reduces the principal of underwater mortgages …

This paper aims to estimate a long-term equilibrium price level for the Hungarian housing market by identifying key …. The housing market price level is mapped by the newly established MNB housing price index. The results establish one … stable cointegrating relationship between the housing prices and its longterm driving factors: average new housing loans …

This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables … using a tractable, searchtheoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model … constraints. During housing busts, longer selling times spill over into higher foreclosure risk, thereby magnifying the response …

explores the interconnection of macroeconomics, finance, and housing. We focus on three major topics—housing and the business … cycle, housing and portfolio choice, and housing and asset returns—and then review the recent literature that studies … housing and the macroeconomy during the great housing boom and bust of 2000–2010. Our emphasis is on calibrated models that …

This chapter surveys the literature on housing in macroeconomics. We first collect facts on house prices and quantities … in both the time series and the cross section of households and housing markets. We then present a theoretical model of … frictional housing markets with heterogeneous agents that nests or provides background for many studies. Finally, we describe …

We study sources and consequences of fluctuations in the housing market. The upward trend in real housing prices of the … last 40 years can be explained by slow technological progress in the housing sector. Over the business cycle, housing … demand and housing technology shocks explain one-quarter each of the volatility of housing investment and housing prices …