The most recent boom-bust episode in the housing market and its unprecedented negative repercussions on the overall economy led to a debate on its possible causes. The common assumption underlying the debate is that interest rates were the main driver of the bubble in house prices. However the...

This paper aims to analyze the transmission effects of accommodative monetary policy on the overall economy through the risk-taking channel operating in the mortgage market with a DSGE framework. To attain the aim, the analysis procedure undergoes two steps. Firstly, empirical relationship...

This paper evaluates the whole impact of quantitative easing on inflation in Korea implemented by the central banks in four major advanced economies, the U.S., Euro Area, U.K. and Japan. According to the analysis employing a VAR-X model with the security holdings of those central banks an...