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Monetary policy, housing, and collateral constraints
Franz, Thorsten - 2019
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 …
Persistent link: https://www.econbiz.de/10011963152
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Euro area house price fluctuations and unconventional monetary policy surprises
Hülsewig, Oliver; Rottmann, Horst - 2021
This paper examines the reaction of house prices in a panel of euro area countries to monetary policy surprises over the period 2010-2019. UsingJordà's (2005) local projection method, we find that house prices rise in response to expansionary monetary policy shocks that can be related to...
Persistent link: https://www.econbiz.de/10012418355
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Systematic monetary policy and the macroeconomic effects of shifts in loan-to-value ratios
Bachmann, Ruediger; Rüth, Sebastian - 2017
What are the macroeconomic consequences of changing aggregate lending standards in residential mortgage markets, as … instrument, and, as a result, mortgage rates increase and residential investment declines. The monetary policy reaction function …. Without the endogenous monetary policy reaction residential investment increases. House prices and household (mortgage) debt …
Persistent link: https://www.econbiz.de/10011646925
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Debt relief and slow recovery : a decade after Lehman
Piskorski, Tomasz; Seru, Amit - In: Journal of financial economics 141 (2021) 3, pp. 1036-1059
Persistent link: https://www.econbiz.de/10012873148
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Monetary policy transmission to mortgages in a negative interest rate environment
Amzallag, Adrien; Calza, Alessandro; Georgarakos, Dimitris - 2019
behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher …
Persistent link: https://www.econbiz.de/10011975610
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Monetary policy and real estate prices : a disaggregated analysis for Switzerland
Berlemann, Michael; Freese, Julia - 2010
Most empirical studies found that monetary policy has a significant effect on house prices while stock markets remain unaffected by interest rate shocks. In this paper we conduct a more detailed analysis by studying various sub-segments of the real estate market. Employing a new dataset for...
Persistent link: https://www.econbiz.de/10008746662
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Monetary policy and real estate prices : a disaggregated analysis for Switzerland
Berlemann, Michael; Freese, Julia - 2010
Most empirical studies found that monetary policy has a significant effect on house prices while stock markets remain unaffected by interest rate shocks. In this paper we conduct a more detailed analysis by studying various sub-segments of the real estate market. Em-ploying a new dataset for...
Persistent link: https://www.econbiz.de/10009161905
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Monetary Policy, Hot Money and Housing Price Growth Across Chinese Cities
Huang, Xiaoyu - 2020
We use a dynamic hierarchical factor model to identify the national, regional, and local factors of the city-level housing price growth in China from 2005 to 2015. During the zero-lower-bound (ZLB) episode in the U.S., local factors account for 78% of variations in the month-on-month city-level...
Persistent link: https://www.econbiz.de/10012854498
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Monetary Policy Transmission to Mortgages in a Negative Interest Rate Environment
Amzallag, Adrien - 2019
behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher …
Persistent link: https://www.econbiz.de/10012892476
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Monetary Policy Transmission to Mortgages in a Negative Interest Rate Environment
Amzallag, Adrien - 2018
behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher …
Persistent link: https://www.econbiz.de/10012928343