Housing And Monetary Policy
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Monetary Policy And The Housing Bubble
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Author :
language : en
Publisher: DIANE Publishing
Release Date :
Monetary Policy And The Housing Bubble written by and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The Effects Of Housing Prices And Monetary Policy In A Currency Union
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Author : Oriol Aspachs-Bracons
language : en
Publisher: International Monetary Fund
Release Date : 2011-01-01
The Effects Of Housing Prices And Monetary Policy In A Currency Union written by Oriol Aspachs-Bracons and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
The recent boom-and-bust cycle in housing prices has refreshed the debate on the drivers of housing cycles as well as the appropriate policy response. We analyze the case of Spain, where housing prices have soared since it joined the EMU. We present evidence based on a VAR model, and we calibrate a New Keynesian model of a currency area with durable goods to explain it. We find that labor market rigidities provide stronger amplification effects to all type of shocks than financial frictions do. Finally, we show that when the central bank reacts to house prices, the non-durable sector suffers an important contraction. As a result, the boom-and-bust cycle would not have been avoided if Spain had remained outside the EMU during the 1996-2007 period.
The Effects Of Housing Prices And Monetary Policy In A Currency Union
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Author :
language : en
Publisher: "la Caixa"
Release Date :
The Effects Of Housing Prices And Monetary Policy In A Currency Union written by and has been published by "la Caixa" this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The Effects Of Housing Prices And Monetary Policy In A Currency Union
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Author : Oriol Aspachs
language : en
Publisher:
Release Date : 2009
The Effects Of Housing Prices And Monetary Policy In A Currency Union written by Oriol Aspachs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Many developed countries have seen housing prices and residential investment soar in the last decade. This fact has refreshed the debate on the drivers of housing cycles as well as the appropriate policy response. We analyze these issues for the case of Spain, who has seen the interest rates at historical lows since it joined the EMU, and increasing housing demand pressures from immigration and the baby boom generation. First, we present evidence based on a VAR model that suggests that both monetary and demand shocks are behind Spain's housing boom. Second, we calibrate a New Keynesian dynamic general equilibrium model of a small open economy in a currency area with durable goods. We study the effects of a housing demand shock, a monetary policy shock and a risk premium shock in the model. This allows us to better understand the factors amplifying a housing boom, the role played by the ECB and the recessionary effects of a housing bust. Our results are as follows. First, the model confirms that a combination of these shocks is indeed behind Spain's housing boom. Second, labor market rigidities provide strong amplification effects to all type of shocks, while financial frictions play a secondary role. Third, monetary policy autonomy is of first order importance to cushion risk premium shocks, while this is not the case for housing demand shocks.
Monetary Policy Housing Booms And Financial Im Balances
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Author : Sandra Eickmeier
language : de
Publisher:
Release Date : 2010
Monetary Policy Housing Booms And Financial Im Balances written by Sandra Eickmeier and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Federal Reserve S Semiannual Report On Monetary Policy 1994
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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
language : en
Publisher:
Release Date : 1995
Federal Reserve S Semiannual Report On Monetary Policy 1994 written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
The Impact Of The Federal Reserve S Money Policies On The Economy
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Author : United States. Congress. House. Committee on Banking, Currency and Housing. Subcommittee on Domestic Monetary Policy
language : en
Publisher:
Release Date : 1976
The Impact Of The Federal Reserve S Money Policies On The Economy written by United States. Congress. House. Committee on Banking, Currency and Housing. Subcommittee on Domestic Monetary Policy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with Monetary policy categories.
Third Meeting On The Conduct Of Monetary Policy
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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
language : en
Publisher:
Release Date : 1976
Third Meeting On The Conduct Of Monetary Policy written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with Government publications categories.
Rented Vs Owner Occupied Housing And Monetary Policy
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Author : Margarita Rubio
language : en
Publisher:
Release Date : 2016
Rented Vs Owner Occupied Housing And Monetary Policy written by Margarita Rubio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The aim of this paper is to show how housing tenure (rented vs. owner-occupied) affects monetary policy. In order to do that, I propose a dynamic stochastic general equilibrium model with housing, both owned and rented. First, I analyze how, in the model, preference parameters, fiscal incentives and institutional factors determine the rental market share and the residential debt-to-GDP ratio. Then, within this framework, I study how the transmission and optimality of monetary policy differ depending on these factors. From a positive perspective, impulse responses illustrate differences in the monetary transmission mechanism. In normative terms, results show that when the relative size of the rental market is larger, monetary policy is more stabilizing. An optimal monetary policy analysis also suggests that in this case, monetary policy should respond more aggressively to inflation and disregard output, since the financial accelerator effects are weaker.
Federal Reserve S Second Monetary Policy Report For 1981
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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
language : en
Publisher:
Release Date : 1981
Federal Reserve S Second Monetary Policy Report For 1981 written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Federal Reserve banks categories.