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Consumption, Housing Collateral, and the Canadian Business Cycle

Christensen, Ian; Corrigan, Paul; Mendicino, Caterina; … - Bank of Canada - 2009

the value of their housing stock. The purpose of this paper is to quantify the role of collateralized household debt in … model in terms of overall goodness of fit. In particular, the presence of housing collateral generates a positive … correlation between consumption and house prices. Finally we find that housing collateral induced spillovers account for a large …

Persistent link: https://www.econbiz.de/10008566348

Consumption, housing collateral, and the Canadian business cycle

Christensen, Ian; Corrigan, Paul; Mendicino, Caterina; … - 2009

Persistent link: https://www.econbiz.de/10003933334

Banks’ Financial Distress, Lending Supply and Consumption Expenditure

Damar, H. Evren; Group, Reint; Mordel, Adi - Bank of Canada - 2014

The paper employs a unique identification strategy that links survey data on household consumption expenditure to bank-level data in order to estimate the effects of bank financial distress on consumer credit and consumption expenditures. Specifically, we show that households whose banks were...

Persistent link: https://www.econbiz.de/10010762051

Real Effects of Price Stability with Endogenous Nominal Indexation

Meh, Césaire; Quadrini, Vincenzo; Terajima, Yaz - Bank of Canada - 2009

We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997). More constrained firms sign contracts that are less indexed to the nominal price and, as a result, their...

Persistent link: https://www.econbiz.de/10004999118

Credit Constraints and Consumer Spending

Beaton, Kimberly - Bank of Canada - 2009

This paper examines the relationship between aggregate consumer spending and credit availability in the United States. The author finds that consumer spending falls (rises) in response to a reduction (increase) in credit availability. Moreover, she provides a formal assessment of the possibility...

Persistent link: https://www.econbiz.de/10005015331

An Equilibrium Analysis of the Rise in House Prices and Mortgage Debt

Xu, Shaofeng - Bank of Canada - 2013

general equilibrium housing model and find that these three factors together account for over half of the increase in house … due to higher demand for mortgage loans. This increases households’ savings in financial assets and leaves their housing … their wealth from financial assets to housing assets, which dramatically drives up house prices. …

Persistent link: https://www.econbiz.de/10010640465

Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting

Meh, Césaire A.; Rios-Rull, José-Victor; Terajima, Yaz - Bank of Canada - 2008

Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth - between households and the government, between nationals and foreigners, and between households within the same country. Two types of monetary policy,...

Persistent link: https://www.econbiz.de/10005673256

Credit constraints and consumer spending

Beaton, Kimberly - 2009

Persistent link: https://www.econbiz.de/10003933295

Real effects of price stability with endogenous nominal indexation

Meh, Césaire Assah; Quadrini, Vincenzo; Terajima, Yaz - 2009

Persistent link: https://www.econbiz.de/10003852858

Un modèle « PAC » d'analyse et de prévision des dépense des ménages américains

Gosselin, Marc-André; Lalonde, René - Bank of Canada - 2003

Traditional structural models cannot distinguish whether changes in activity are a function of altered expectations today or lagged responses to past plans. Polynomial-adjustment-cost (PAC) models remove this ambiguity by explicitly separating observed dynamic behaviour into movements that have...

Persistent link: https://www.econbiz.de/10005808324