mortgage rates and government bonds? Using a structural VAR approach, we find that mortgage spread shocks impact the real … increase in consumption, residential investment and GDP by 1.6 percent, 6.2 percent and 1.9 percent, respectively. These …

decisively on prevailing loan-to-value (LTV) ratios in mortgage markets with borrowing constrained households. Utilizing a smooth … housing sector in times of high LTV ratios, which, through changes in mortgage lending and mortgage equity withdrawals (MEWs …), translate into larger effects of consumption. This result is more pronounced for contractionary shocks, in line with …

Mortgage loans are a striking example of a persistent nominal rigidity. As a result, under incomplete markets, monetary … policy affects decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt. Observed …

affect housing investment and the economy through the cost of new mortgage borrowing and real payments on outstanding debt …

mortgage rates and government bonds? Using a structural VAR approach, we find that mortgage spread shocks impact the real … increase in consumption, residential investment and GDP by 1.6 percent, 6.2 percent and 1.9 percent, respectively. These …

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

wealth distribution, the age profiles of homeownership and mortgage debt, and the frequency of housing adjustment. In the … time-series, the model matches the procyclicality and volatility of housing investment, and the procyclicality of mortgage … of housing investment, the reduced procyclicality of mortgage debt, and a small fraction of the reduced volatility of GDP …

matches the wealth distribution; the age profiles of consumption, home-ownership, and mortgage debt; and data on the frequency … borrowing limit, and housing investment, home-ownership, and household debt closely track aggregate productivity. In the late …