منابع مشابه
Sticky Prices and Costly Credit∗
This paper has two related goals: (i) construct a model where money and credit coexist; (ii) pursue in this setting a theory of endogenous sticky prices that can be taken to the data. Search frictions generate price dispersion, and lead to monetary equilibria where profit-maximizing sellers set nominal prices they sometimes keep fixed when aggregate conditions change. Buyers can use cash or cre...
متن کاملHouse Prices, Credit and Willingness to Lend
This paper establishes a Tobin’s q model in which house prices fluctuate around their long run equilibrium due to fluctuations in credit availability and income. It is shown that house prices are positively related to credit in the short run, however, negatively related to the availability of credit in the long run. Using survey data on banks’ willingness to lend and data on disintermediation f...
متن کاملDiscussion of “ Credit , Asset Prices , and Financial Stress ” ∗
Let me start with praise for the paper and also introduce the structure of my comments. The paper by Misina and Tkacz is part of recent, broader literature investigating how asset prices and other financial variables can help document and predict financial stress and financial distress. Clearly, since we have faced the largest financial crisis in advanced countries since the Great Depression, n...
متن کاملEquity Prices , Credit Default Swaps , and Bond Spreads in Emerging
This Working Paper should not be reported as representing views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. In this paper we examine equilibrium price relationships and pric...
متن کاملHouse prices , bank balance sheets , and bank credit supply ∗
We examine the effect of house price appreciation on bank loan portfolios during the 1996—2006 period. While most previous research in this area has concentrated on loan demand effects, we evaluate how house prices affect a bank’s credit supply. Controlling for possible simultaneity between house prices and bank loan portfolio growth, we find that banks affected by greater house price appreciat...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 1905
ISSN: 0022-3808,1537-534X
DOI: 10.1086/251163