Credit availability, macroprudential regulations and the house price-to-rent ratio
نویسندگان
چکیده
منابع مشابه
Price Flexibility , Credit Availability , and Economic Fluctuations :
The importance of disturbances in financial markets for real economic activity and the positive association between price level and output movements typically are explained by appeal to a combination of nominal aggregate demand shocks (particularly money-supply shocks) and rigid prices. We argue that this view is inconsistent with evidence for short-run responsiveness of prices and gold flows t...
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The U.S. financial crisis of 2007–09 has engendered considerable research effort seeking to understand the interaction of the housing sector with the real economy. A primary obstacle to understanding this matter is the absence of a coherent model of the housing market. Justiniano, Primiceri, and Tambalotti (2012) make clear that standard dynamic stochastic general equilibrium models—of the kind...
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The present value model of asset prices a la Campbell and Shiller predicts the price-rent ratio in the housing market to be stationary. The observed movements in the actual price-rent ratio, often exhibiting large and long swings in the ratio, may put into question the validity of the standard present value model. In this paper, we allow for two sources of possibly unwieldy deviations in the pr...
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We extend the classic online ski rental problem, so that the rental price may change over time. We consider several models which differ in the knowledge given to the algorithm: whereas the price development is unknown, an algorithm may have full, partial or no knowledge about the duration of the game. We construct algorithms whose competitive ratios are up to constant or logarithmic factors opt...
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ژورنال
عنوان ژورنال: Journal of Policy Modeling
سال: 2016
ISSN: 0161-8938
DOI: 10.1016/j.jpolmod.2016.06.002