"In Korea, jeonse is continuing to decrease while monthly leases ('wolse' in Korean) increase, particularly among the young and senior populations. Indeed, compared to other age groups, they face larger financial and credit constraints. Thus, a market for wolse with deposit must be created with...

Japan's dramatic transformation from economic success to economic stagnation offers important policy lessons to advanced countries everywhere that are struggling with stagnation. The term 'Japanization' is often used by economists to describe long-term stagnation and deflation. Symptoms include...

According to the results, the interest rate rules responding to house prices have contributed more to inflation stability and output stability, than those that do not respond to house prices. As the central bank started to gradually emphasize the importance of output stability, the interest rate...

I study the consumption responses of heterogeneous households following changes in both house prices and interest rates. I show the common assumption that household period utility is separable in housing and consumption can be consistent with the observed co-movement between these two series...