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Monetary Policy, Housing, and Collateral Constraints
Franz, Thorsten - 2019
House-purchasing decisions and the possibility of existing homeowners to tap into their housing equity depend decisively on prevailing loan-to-value (LTV) ratios in mortgage markets with borrowing constrained households. Utilizing a smooth transition local projection (STLP) approach, I show that...
Persistent link: https://www.econbiz.de/10012893246
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Housing market dynamics : on the contribution of income shocks and credit constraints (revised version)
Ortalo-Magné, François; Rady, Sven - 2005
We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria which replicate the facts that credit constraints delay some households' first home purchase and force other households to buy a home smaller than they would like. The model...
Persistent link: https://www.econbiz.de/10010440424
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Housing market dynamics : on the contribution of income shocks and credit constraint
Ortalo-Magné, François; Rady, Sven - 2005
We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria which replicate the facts that credit constraints delay some households' first home purchase and force other households to buy a home smaller than they would like. The model...
Persistent link: https://www.econbiz.de/10010343962
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The cyclical dynamics of illiquid housing, debt, and foreclosures
Hedlund, Aaron - In: Quantitative economics : QE ; journal of the … 7 (2016) 1, pp. 289-328
This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables using a tractable, searchtheoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model highlights the importance of liquidity spirals that...
Persistent link: https://www.econbiz.de/10011798986
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Housing Collateral and the Monetary Transmission Mechanism
Sellin, Peter - 2010
In this paper our main aim is to quantify the role that housing collateral plays for the monetary transmission … borrow by using their houses as collateral. The structure of the model closely follows Iacoviello and Neri (2010). To be able …. We quantify the reinforcement of the monetary transmission mechanism that housing used as collateral implies in the …
Persistent link: https://www.econbiz.de/10013143722
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A theory of housing demand shocks
Liu, Zheng; Wang, Pengfei; Zha, Tao - 2019
models, and through the collateral channel, they drive macroeconomic fluctuations. These reduced-form shocks, however, fail …
Persistent link: https://www.econbiz.de/10011987419
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Re-examining the role of financial constraints in business cycles : is something wrong with the credit multiplier?
Olivella, Virginia; Roldán-Peña, Jessica - 2013
coming to this answer we construct a model with reproducible capital and collateral constraints within two setups, a closed …
Persistent link: https://www.econbiz.de/10009762039
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Consumption dynamics, housing collateral and stabilisation policies : a way forward for policy co-ordination?
Chadha, Jagjit; Corrado, Germana; Corrado, Luisa - 2018
Persistent link: https://www.econbiz.de/10011980565
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Monetary policy, housing, and collateral constraints
Franz, Thorsten - 2019
House-purchasing decisions and the possibility of existing homeowners to tap into their housing equity depend decisively on prevailing loan-to-value (LTV) ratios in mortgage markets with borrowing constrained households. Utilizing a smooth transition local projection (STLP) approach, I show that...
Persistent link: https://www.econbiz.de/10011963152
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Monetary policy, price setting, and credit constraints
Balleer, Almut; Zorn, Peter - 2019
We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German producer price index. We find a strong degree of monetary nonneutrality. After expansionary monetary policy, the mass of additional price adjustments is economically small and...
Persistent link: https://www.econbiz.de/10012138873