House Prices, Borrowing Constraints and Monetary Policy in the Business Cycle
- 名称：House Prices, Borrowing Constraints and Monetary Policy in the Business Cycle
- 类型：房地产综合资料
- 授权方式：免费版
- 更新时间：07-21 11:43:41
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- 下载次数：569次
- 语言简体中文
- 大小：6.54 MB
- 推荐度：2 星级
《House Prices, Borrowing Constraints and Monetary Policy in the Business Cycle》简介
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Idevelopandestimateamonetarybusinesscyclemodelwithnominalloansandcollateralconstraints
tiedtohousingvalues.Demandshocksmovetogetherhousingandnominalpricesandareamplified
andpropagatedovertime.Thefinancialacceleratorisnotuniform:nominaldebtdampenssupply
shocksstabilizingtheeconomyunderinterestratecontrol.Structuralestimationsupportstwokey
modelfeatures:collateraleffectsdramaticallyimprovetheresponseofaggregatedemandtohouseprices
shocks;nominaldebtimprovesthesluggishresponseofoutputtoinflationsurprises.Finallypolicy
evaluationconsiderstheroleofhousepricesanddebtindexationinaffectingmonetarypolicytrade-offs.
(JELE31E32E44E52R21)
∗......
，大小：6.54 MB
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