correlation between consumption and house prices. Finally we find that housing collateral induced spillovers account for a large … model in terms of overall goodness of fit. In particular, the presence of housing collateral generates a positive … share of consumption growth during the housing market boom-bust cycle of the late 1980s. -- Business fluctuations and cycles …

constraint on policy rates. We find that the long-term costs, in terms of forgone consumption, of all the macroprudential tools …