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Corruption, Public Investment, and Growth

Tanzi, Vito - 1997

Corruption, particularly political or “grand” corruption, distorts the entire decision-making process connected with public investment projects. The degree of distortions is higher with weaker auditing institutions. The evidence presented shows that higher corruption is associated with (i)...

Persistent link: https://www.econbiz.de/10014401205

The costs of macroprudential deleveraging in a liquidity trap

Chen, Jiaqian; Finocchiaro, Daria; Lindé, Jesper; … - 2020

We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...

Persistent link: https://www.econbiz.de/10012251966

How to better measure hedonic residential property price indexes

Silver, Mick S. - 2016

Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of … the periodic estimation of hedonic regressions for reference periods and is not subject to the vagrancies of … misspecification and estimation issues …

Persistent link: https://www.econbiz.de/10011715547

Assessing house prices with prudential and valuation measures

Andrle, Michal; Plašil, Miroslav - 2019

In this paper we provide tools for assessing the house prices and housing valuation. We develop two approaches: (i) borrowing capacity approach, and (ii) intrinsic value approach. The borrowing capacity of households, together with their down payment, implies how much housing they can attain. In...

Persistent link: https://www.econbiz.de/10012009597

Demographics and the housing market : Japan's disappearing cities

Hashimoto, Yūko; Hong, Gee Hee; Zhang, Xiaoxiao - 2020

How does a shrinking population affect the housing market? In this study, drawing on Japan's experience, we find that there exists an asymmetric relationship between housing prices and population change. Due to the durability of housing structures, the decline in housing prices associated with...

Persistent link: https://www.econbiz.de/10012391942

Has higher household indebtedness weakened monetary policy transmission?

Gelos, Gaston; Grinberg, Federico; Mancini Griffoli, Tommaso - 2019

Has monetary policy in advanced economies been less effective since the global financial crisis because of deteriorating household balance sheets? This paper examines the question using household data from the United States. It compares the responsiveness of household consumption to monetary...

Persistent link: https://www.econbiz.de/10012001512

Predicting downside risks to house prices and macro-financial stability

Deghi, Andrea; Katagiri, Mitsuru; Shahid, Sohaib; … - 2020

This paper predicts downside risks to future real house price growth (house-prices-at-risk or HaR) in 32 advanced and emerging market economies. Through a macro-model and predictive quantile regressions, we show that current house price overvaluation, excessive credit growth, and tighter...

Persistent link: https://www.econbiz.de/10012252738

Index Number Biases During Price Liberalization

Osband, Kent - 1991

When a formerly centrally-planned economy frees prices and allows or compels producers to respond to market signals, conventional measures tend to severely overstate short–run output decline and inflation. In part the overstatement stems from neglect of private sector activity, or from belated...

Persistent link: https://www.econbiz.de/10014398096

A New Index of Currency Mismatch and Systemic Risk

Rancière, Romain - 2010

This paper constructs a new measure of currency mismatch in the banking sector that controls for bank lending to unhedged borrowers. This measure explicitly takes into account the indirect exchange rate risk that banks undertake when they lend to borrowers that will not be able to repay in the...

Persistent link: https://www.econbiz.de/10014402704

An Index Number Formula Problem : The Aggregation of Broadly Comparable items

Silver, Mick S. - 2009

Index number theory informs us that if data on matched prices and quantities are available, a superlative index number … formula is best to aggregate heterogeneous items, and a unit value index to aggregate homogeneous ones. The formulas can give … as to why such formulas differ and proposes a solution to this index number problem …

Persistent link: https://www.econbiz.de/10014404313