EconStor >
Julius-Maximilians-Universität Würzburg >
Lehrstuhl für Volkswirtschaftslehre, Geldund internationale Wirtschaftsbeziehungen, Universität Würzburg >
W.E.P. - Würzburg Economic Papers, Lst. f. VWL, Geld u. internat. Wirtschaftsbeziehungen, Universität Würzburg >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/65864
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorGareis, Johannesen_US
dc.contributor.authorMayer, Ericen_US
dc.date.accessioned2012-11-05en_US
dc.date.accessioned2012-11-05T12:45:21Z-
dc.date.available2012-11-05T12:45:21Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/65864-
dc.description.abstractThis paper evaluates business cycle and welfare effects of cross-country mortgage market heterogeneity for a monetary union. By employing a calibrated two-country New Keynesian DSGE model with collateral constraints tied to housing values, we show that a change in cross-country institutional characteristics of mortgage markets, such as the LTV ratio, is likely to be an important driver of an asymmetric development in housing markets and real economic activity of member states. Our welfare analysis suggests that the welfare of the home country where the reform is implemented increases substantially. In contrast, the rest of the EMU's welfare falls due to spillover effects with magnitude depending on the size of the home country.en_US
dc.language.isoengen_US
dc.publisherUniv., Dep. of Economics, Chair VWL 1 Würzburgen_US
dc.relation.ispartofseriesWürzburg Economic Papers 90en_US
dc.subject.jelE32en_US
dc.subject.jelE44en_US
dc.subject.jelF41en_US
dc.subject.ddc330en_US
dc.subject.keywordhousingen_US
dc.subject.keywordLTV ratioen_US
dc.subject.keywordmonetary unionen_US
dc.subject.keywordcross-country heterogeneityen_US
dc.titleFinancial market heterogeneity: Implications for the EMUen_US
dc.typeWorking Paperen_US
dc.identifier.ppn729180158en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:wuewep:90-
Appears in Collections:W.E.P. - Würzburg Economic Papers, Lst. f. VWL, Geld u. internat. Wirtschaftsbeziehungen, Universität Würzburg

Files in This Item:
File Description SizeFormat
729180158.pdf195.52 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.