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On the importance of borrowing constraints for house price dynamics
Eerola, Essi; Määttänen, Niku - Suomen Pankki - 2008
We study how a household borrowing constraint the the form of a down payment requirement affects house price dynamics … dynamics substantially. The importance of the constraint depends very much on whether house price changes are driven by … interest rate or aggregate income shocks. Moreover, because of the borrowing constraint, house price dynamics display …
Persistent link: https://www.econbiz.de/10005648901
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Housing prices and the high Chinese saving rate puzzle
Wang, Xin; Wen, Yi - In: China Economic Review 23 (2012) 2, pp. 265-283
China's over 25% aggregate household saving rate is one of the highest in the world. One popular view attributes the high saving rate to fast-rising housing prices in China. However, cross-sectional data do not show a significant relationship between housing prices and household saving rates....
Persistent link: https://www.econbiz.de/10010875340
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House Prices, Money, Credit and the Macroeconomy.
Goodhart, Charles; Hofmann, Boris - 2008
This paper assesses the linkages between money, credit, house prices and economic activity in industrialised countries over the last three decades. The analysis is based on a fixed-effects panel VAR estimated using quarterly data for 17 industrialized countries spanning the period 1970-2006. The...
Persistent link: https://www.econbiz.de/10011604934
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Matching in the housing market with risk aversion and savings
Eerola, Essi; Määttänen, Niku - 2013
Abstract:We develop a model of the housing market that features both financial and matching frictions. In the model, risk-averse households may save or borrow in order to smooth consumption over time and finance owner housing. Each household either rents or owns its house. Some renter households...
Persistent link: https://www.econbiz.de/10012037556
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An analysis of the primary and secondary housing market in Poland: evidence from the 17 largest cities
Leszczynski, Robert; Olszewski, Krzysztof - In: Baltic Journal of Economics 17 (2017) 2, pp. 136-151
We analyse the determinants of prices of flats that are bought on the primary (new construction) and secondary markets (existing stock) in the 17 largest cities in Poland during the 2002–2015 period. We find that prices are driven by economic fundamentals, such as income growth and drop in the...
Persistent link: https://www.econbiz.de/10011868519
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Mortgage borrowing limits and house prices: Evidence from a policy change in Ireland
Higgins, Brian E. - 2024
This paper studies how mortgage borrowers and house prices react to a tightening of mortgage limits following a policy change in Ireland in 2015. The policy introduced limits to the loan-to-income and loan-to-value ratios of new mortgages issued. In response to a tightening borrowing constraint,...
Persistent link: https://www.econbiz.de/10014543656
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Debt dynamics and monetary policy: A note
Laséen, Stefan; Strid, Ingvar - 2013
incomplete account of short term debt dynamics. Further, the overall analysis of the effects of monetary policy on debt rests on … dynamics enables further understanding of how different assumptions affect the assessment of the effects of monetary policy on …
Persistent link: https://www.econbiz.de/10010427086
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Business cycle implications of mortgage spreads
Walentin, Karl - 2014
How do aggregate quantities at the business cycle frequency respond to shocks to the spread between residential mortgage rates and government bonds? Using a structural VAR approach, we .nd that mortgage spread shocks impact the real economy by both economically and statistically signi.cant...
Persistent link: https://www.econbiz.de/10010427087
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Housing collateral and the monetary transmission mechanism
Walentin, Karl; Sellin, Peter - 2010
In this paper our main aim is to quantify the role that housing collateral plays for the monetary transmission mechanism. Furthermore, we want to explore the implications of the increase in household indebtedness, and specifically the loan-to-value ratio, in the last two decades. We set up a two...
Persistent link: https://www.econbiz.de/10010320736
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The economic effects of a central bank reacting to house price inflation
Baldi, Guido - In: Journal of Housing Economics 26 (2014), pp. 119-125
What are the economic effects of a central bank that takes the evolution of house prices into account? In an attempt to answer this question, we use a New Keynesian dynamic stochastic general equilibrium model with a housing sector to explore the economic impacts of a central bank reacting to...
Persistent link: https://www.econbiz.de/10012143488