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Household deleveraging and saving rates : a cross-country analysis

Bouis, Romain - 2021

Historically high household debt in several economies is calling for a deleveraging, but according to some economists, this adjustment can slow GDP growth by weighing on consumption. Using a sample of advanced and emerging market economies, this paper finds evidence of a negative relationship...

Persistent link: https://www.econbiz.de/10012796301

Das House-Kapital : a long term housing & macro model

Grossmann, Volker; Steger, Thomas M. - 2017

There are, by now, several long term, time series data sets on important housing and macro variables, such as land prices, house prices, and the housing wealth-to-income ratio. However, an appropriate theory that can be employed to think about such data and associated research questions has been...

Persistent link: https://www.econbiz.de/10011670494

The anatomy of the transmission of macroprudential policies

Acharya, Viral V.; Bergant, Katharina; Crosignani, Matteo; … - 2020

We analyze how regulatory constraints on household leverage-in the form of loan-to-income and loan-to-value limits-a?ect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Supervisory loan level data suggest that mortgage credit is...

Persistent link: https://www.econbiz.de/10012251338

A European minimum wage : implications for poverty and macroeconomic imbalances

Detragiache, Enrica; Ebeke, Christian; Jirasavetakul, … - 2020

A hypothetical European Minimum Wage (MW) set at 60 percent of each country's median wage would reduce in-work poverty but have limited effects on overall poverty, as many poor households do not earn a wage near MW and higher unemployment, higher prices, and a loss of social insurance benefits...

Persistent link: https://www.econbiz.de/10012251363

Stabilizing China's housing market

Koss, Richard A.; Shi, Xinrui - 2018

The sharp rise of house prices in China's Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China's unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist....

Persistent link: https://www.econbiz.de/10012252749

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

Household debt and house prices-at-risk : a tale of two countries

Alter, Adrian; Mahoney, Elizabeth M. - 2020

To identify and quantify downside risks to housing markets, we apply the house price-at-risk methodology to a sample of 37 cities across the United States and Canada using quarterly data from 1983 to 2018. This paper finds that downside risks to housing markets in the United States have...

Persistent link: https://www.econbiz.de/10012251283

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

Recognizing the Bias : Financial Cycles and Fiscal Policy

Budina, Nina - 2015

This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias—the tendency of debt to increase over the cycle— that is significantly larger for house price cycles than stand-alone business cycles. Automatic stabilizers...

Persistent link: https://www.econbiz.de/10012418037

Borrower Protection and the Supply of Credit : Evidence from Foreclosure Laws

Dagher, Jihad C. - 2014

Laws governing the foreclosure process can have direct consequences on the costs of foreclosure and could therefore … it exploits an exogenous cutoff in loan eligibility to GSE guarantees which shift the burden of foreclosure costs onto … nonbinary measures of judicial requirements, illustrate the consequences of foreclosure laws on the supply of mortgage credit …

Persistent link: https://www.econbiz.de/10014411768