inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … and higher user costs of housing are both associated with larger money holdings. Country-specific money holdings are also … connected with structural features of the housing market. …

We study housing and debt in a quantitative general equilibrium model. In the cross-section, the model matches the … wealth distribution, the age pro?les of homeownership and mortgage debt, and the frequency of housing adjustment. In the time …-series, the model matches the procyclicality and volatility of housing investment, and the procyclicality of mortgage debt. We use …

We study housing and debt in a quantitative general equilibrium model. In the cross-section, the model matches the … wealth distribution, the age pro?les of homeownership and mortgage debt, and the frequency of housing adjustment. In the time …-series, the model matches the procyclicality and volatility of housing investment, and the procyclicality of mortgage debt. We use …

We study housing and debt in a quantitative general equilibrium model. In the cross-section, the model matches the … wealth distribution, the age profiles of homeownership and mortgage debt, and the frequency of housing adjustment. In the … time-series, the model matches the procyclicality and volatility of housing investment, and the procyclicality of mortgage …

augment boom-bust cycles in the economy and increase the fragility of the financial sector. -- lending ; borrowing ; housing …Housing prices and household borrowing are expected to be tightly connected to each other. Better availability of …, housing prices may significantly influence household borrowing through various wealth effects. Employing time series …

prices and household debt using a three-equation model, finding that household borrowing impacts housing prices in the short …Sweden is experiencing double-digit housing price gains alongside rising household debt. A common interpretation is … that mortgage lending boosted by expansionary monetary policy is driving up house prices. But theory suggests the value of …

This article provides new empirical evidence on the dynamics of price movements and transaction volume in the housing … negative correlation between price level and sales that has been found in a number of housing markets. It is also found that … the direct predictive ability of the fundamentals with respect to housing price growth and sales is overwhelmed by the …

This article provides new empirical evidence on the dynamics of price movements and transaction volume in the housing … negative correlation between price level and sales that has been found in a number of housing markets. It is also found that … the direct predictive ability of the fundamentals with respect to housing price growth and sales is overwhelmed by the …

potentially could influence this relationship. Due to the fact that small and large banks differ considerably in their lending …

This paper models the borrowing decision of a small firm seeking a bank loan when it can optionally hire, at a cost, an …