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dc.contributor.authorIlling, Gerharden_US
dc.date.accessioned2007-07-24en_US
dc.date.accessioned2009-07-28T08:14:54Z-
dc.date.available2009-07-28T08:14:54Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/26016-
dc.description.abstractThe paper presents a stylised framework to analyse conditions under which monetary policy contributes to amplified movements in the housing market. Extending work by Hyun Shin (2005), the paper analyses self enforcing feedback mechanisms resulting in amplifier effects in a credit constrained economy. The paper characterizes conditions for asymmetric effects, causing systemic crises. By injecting liquidity, monetary policy can prevent a meltdown. Anticipating such a response, private agents are encouraged to take higher risks. Provision of liquidity works as a public good, but it may create potential conflicts with other policy objectives and may give incentives to build up leverage with a high systemic exposure to small probability events.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 1971en_US
dc.subject.jelE44en_US
dc.subject.jelG18en_US
dc.subject.ddc330en_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwImmobilienfinanzierungen_US
dc.subject.stwVerschuldungsrestriktionen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwMoral Hazarden_US
dc.subject.stwTheorieen_US
dc.titleFinancial stability and monetary policy: a frameworken_US
dc.typeWorking Paperen_US
dc.identifier.ppn538096969en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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