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Houses as collateral and household debt deleveraging in Korea
Song, Joonhyuk; Ryu, Doojin - In: Economics : the open-access, open-assessment journal 15 (2021) 1, pp. 3-27
long-run trend. Housing preferences and monetary shocks can both trigger deleveraging, as most household debt is profoundly … macroeconomic effects of deleveraging. Because a lower loan-to-value (LTV) ceiling limits the size of household debt, the … deleveraging effect caused by borrowers' re-optimization is alleviated as the LTV ceiling decreases. When the housing price is …
Persistent link: https://www.econbiz.de/10012606953
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The European Central Bank and why things are the way they are: A historic monetary policy pivot point and moment of (relative) clarity
Dubois, Robert - 2012
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...
Persistent link: https://www.econbiz.de/10010286538
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"The European Central Bank and Why Things Are the Way They Are: A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity"
Dubois, Robert - Levy Economics Institute - 2012
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...
Persistent link: https://www.econbiz.de/10009652087
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Nonlinearity and Structural Breaks in Monetary Policy Rules with Stock Prices
Lee, Dong Jin; Son, Jong Chil - Department of Economics, University of Connecticut - 2011
This paper empirically examines how the Fed responds to stock prices and inflation movements, using the forward-looking Taylor rule augmented with the stock price gap. The typical linear policy reaction function has a substantial change after 1991, but lacks the robustness in that the estimation...
Persistent link: https://www.econbiz.de/10009328159
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Nonlinearity and structural breaks in monetary policy rules with stock prices
Lee, Dong Jin; Son, Jong Chil - In: Economic Modelling 31 (2013) C, pp. 1-11
This paper introduces nonlinearity and a structural break to the US forward-looking Taylor rule with a stock price gap, thereby alleviating the robustness problem that the linear Taylor rule is sensitive to minor changes of the sample period since 1991. The path of the time-varying inflation...
Persistent link: https://www.econbiz.de/10010636274
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Asymmetric Monetary Policy in the Czech Republic?
Horvath, Roman - In: Evaluation of the Fulfilment of the CNB's Inflation …
This paper analyses a hypothesis, whether an asymmetric monetary policy could contribute to the undershooting of the inflation targets of the Czech National Bank in the years 1998-2007. To this goal, a non-linear Taylor Rule has been estimated. The results indicate that – upon the...
Persistent link: https://www.econbiz.de/10005405583
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Household Debt and Income Inequality, 1963-2003
Iacoviello, Matteo - Department of Economics, Boston College - 2005
I construct an economy with heterogeneous agents that mimics the time-series behavior of the earnings distribution in the United States from 1963 to 2003. Agents face aggregate and idiosyncratic shocks and accumulate real and financial assets. I estimate the shocks that drive the model using...
Persistent link: https://www.econbiz.de/10004968850
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Optimal inflation with corporate taxation and financial constraints
Finocchiaro, Daria; Lombardo, Giovanni; Mendicino, Caterina - 2015
This paper revisits the equilibrium and welfare effects of long-run inflation in the presence of distortionary taxes and financial constraints. Expected inflation interacts with corporate taxation through the deductibility of i) capital expenditures at historical value and ii) interest payments...
Persistent link: https://www.econbiz.de/10011338166
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Credit Frictions, Collateral and the Cyclical Behavior of the Finance Premium
Agnor, Pierre-Richard - 2016
effect of monetary transmission with the role of collateral under asymmetric information. Its key feature is the endogenous …
Persistent link: https://www.econbiz.de/10013004346
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Optimal Inflation with Corporate Taxation and Financial Constraints
Finocchiaro, Daria - 2015
This paper revisits the equilibrium and welfare effects of long-run inflation in the presence of distortionary taxes and financial constraints. Expected inflation interacts with corporate taxation through the deductibility of i) capital expenditures at historical value and ii) interest payments...
Persistent link: https://www.econbiz.de/10013013832