2014
DOI: 10.1111/sjoe.12064
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Housing Collateral and the Monetary Transmission Mechanism

Abstract: Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in… Show more

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Cited by 31 publications
(25 citation statements)
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“…Jorda et al (2015) find that a 100 basis point increase in the policy rate reduces mortgage loans by about 3 percent after 4 years, and has a significant, although smaller, impact on property prices. Walentin (2014) finds that a 100 basis point shock reduces real property prices by 4.5 percent after 14 quarters, while Laseen et al (2015) find that a similar shock lowers house prices by about 2 percent. Jorda et al (2015) show that a similar monetary policy shock decreases the house-prices to income ratio by about 4 percent after 4 years.…”
Section: B Baseline Resultsmentioning
confidence: 97%
“…Jorda et al (2015) find that a 100 basis point increase in the policy rate reduces mortgage loans by about 3 percent after 4 years, and has a significant, although smaller, impact on property prices. Walentin (2014) finds that a 100 basis point shock reduces real property prices by 4.5 percent after 14 quarters, while Laseen et al (2015) find that a similar shock lowers house prices by about 2 percent. Jorda et al (2015) show that a similar monetary policy shock decreases the house-prices to income ratio by about 4 percent after 4 years.…”
Section: B Baseline Resultsmentioning
confidence: 97%
“…With credit deregulation, mortgage lending increased substantially and house prices boomed but the economy slid into recession shortly after and uncertainty brought a radical decline in housing demand (Barot and Takala, 1998). Englund, Hendershott, and Turner (1995) find that the following house price collapse was 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 Multi-dwellings One-or-two dwellings Share of multi-dwellings, right 1990199219941996199820002002200420102014 Tenant owned Share of rented, right exacerbated by the tax reform in 1991, which sharply reduced the after-tax return on housing investments -also confirmed by the analysis in section V of contributions by real after tax mortgages rates to house price developments. 8 After the boom-bust cycle ended in the early 90s, household debt to disposable income increased substantially, almost doubling over 20 years and exceeding the average for OECD countries (Figure 8).…”
Section: Mortgage Marketmentioning
confidence: 99%
“…Assuming constant house price growth, g > 0, 12 along with a constant housing stock normalised to unity, H t = 1, a constant LTV ratio for new mortgage loans, t = and no amortisations, = 0, this simpli…es to…”
Section: B the Turnover Rate Of Nominal Debtmentioning
confidence: 99%