the rather strong assumption that debt is independent of the policy rate, conditional on housing prices. The policy …

This paper investigates the importance of including data on new housing supply in Dynamic Stochastic General … financial sector and real estate sector, they have largely overlooked housing supply. I develop an extended DSGE model that … includes both the financial sector and endogenous housing supply and show that forecasting accuracy significantly improves when …

constraints on housing wealth drive an asymmetry in the link between housing prices and economic activity. The estimated model … shows that, as collateral constraints became slack during the housing boom of 2001-2006, expanding housing wealth made a … small contribution to consumption growth. By contrast, the housing collapse that followed tightened the constraints and …

In this paper our main aim is to quantify the role that housing collateral plays for the monetary transmission …-to-value ratio, in the last two decades. We set up a two sector DSGE model with production of goods and housing. Households can only …. We quantify the reinforcement of the monetary transmission mechanism that housing used as collateral implies in the …

the United States, housing collateral effects on consumption are absent. Given credit conditions, rising house prices … mostly explained by movements in incomes, housing supply, mortgage interest rates and credit conditions, suggesting that the …

identify behavioural and Minskyan theories of housing cycles as suitable frameworks to theorise the impact of housing on growth …. However, this literature does not provide an analysis of cross-country differences in housing cycles. Third, drawing on the … CPE literature on housing systems, we argue that factors such as private homeownership and mortgage-credit encouraging …

This chapter surveys the literature on the microstructure of housing markets. It considers one-sided search, random … bargaining taking various forms, including two-party negotiations of different types and multiparty housing auctions. The chapter … important issues both because of the inherent importance of housing and brokerage and because of the importance of housing to …

identify behavioural and Minskyan theories of housing cycles as suitable frameworks to theorise the impact of housing on growth …. However, this literature does not provide an analysis of cross-country differences in housing cycles. Third, drawing on the … CPE literature on housing systems, we argue that institutions such as homeownership rates and mortgage-credit encouraging …