Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response. We exploit information contained in listings for residential properties for sale in the...

Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response. We exploit information contained in listings for the residential properties for sale in the...

A surge in house prices may merit changes in macroprudential policy. This work introduces land into a quantitative non-linear model of financial crises devised to study the design and effectiveness of optimal macroprudential policy. This framework is used to perform a comparative statics...

This paper examines whether the degree of interconnectivity among local housing markets affects the effectiveness of the monetary transmission mechanism in the U.S. economy. We construct measures of housing market connectedness and use a state-dependent local projection method to estimate...

This paper investigates whether the Chinese real estate price rise is a national monetary shock and driven mainly by monetary shocks, or is controlled by the regional governments and driven mainly by local bank lending activities. The paper attempts to reveal how the determinants on residential...

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...

The effects of the current global economic crisis are widespread. The economic downturn has affected large sectors of the population in developed and developing countries and international immigrants have not been the exception. This paper documents the recent slowdown in workers' remittances,...

Can inflation cure mortgage debt overhang and mitigate the severity of housing busts? Focusing on the Great Recession, I address this question through the lens of a quantitative macroeconomic model of illiquid housing, endogenous mortgage pricing, and equilibrium default. First, I show that an...

The dramatic COVID-19-induced rise in unemployment has greatly increased uncertainty about the ability of renters to pay their rent. Ostensibly, a small increase in nonpayment incidence could sharply reduce shelter inflation. Will nonpayment during the current COVID collapse induce such a...

I pool data from all large multimarket lenders in the U.S. to estimate how many of the over seven million jobs lost in the Great Recession can be explained by reductions in the supply of mortgage credit. I construct a mortgage credit supply instrument at the county level, the weighted average...