housing price bubbles. Here, we ana-lyse the merits of this countercyclical macroprudential policy in a New Keynesian DSGE … limit transmission of housing price cycle effects to the real economy. …

This paper develops a two-agent, two-sector, open-economy DSGE model with a housing-market sector and a borrowing … constraint. Contrary to standard conventions, domestic households are allowed to invest in foreign housing and vice versa. Using … Bayesian methods, the model is applied to data for Hong Kong. We identify strong and robust housing wealth effects, and show …

This paper develops an open-economy DSGE model with a housing-market sector and a borrowing constraint. Contrary to … standard conventions, domestic households are allowed to invest in foreign housing and vice versa. Using Bayesian methods, the … model is applied to data for Hong Kong. The results show that Hong Kong’s housing market is quite open to foreign investment …

decisions. We investigate empirically and theoretically the life-cycle patterns of housing and total assets in retirement. Using … an estimated structural model of saving and housing decisions, we find, first, that homeowners dissave slowly because … they prefer to stay in their house as long as possible, but cannot easily borrow against it. Second, the 1996-2006 housing …

In this paper, we build a dynamic stochastic general-equilibrium model with housing and household debt, and compare the … effectiveness of monetary policy, housing-related fiscal policy, and macroprudential regulations in reducing household indebtedness …

Should monetary policy lean against housing market booms? We approach this question using a small-scale, regime …-switching New Keynesian model, where housing market crashes arrive with a logit probability that depends on the level of household …