Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/122086
Autoren: 
Garriga, Carlos
Kydland, Finn E.
Šustek, Roman
Datum: 
2015
Schriftenreihe/Nr.: 
Working Paper No. 751
Zusammenfassung: 
Mortgages are prime examples of long-term nominal loans. As a result, under incomplete asset markets, monetary policy can affect household decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt. These channels are distinct from the transmission through real interest rates. A stylized general equilibrium model in corporating these features is developed. Persistent monetary policy shocks, resembling the level factor in the nominal yield curve, have larger real effects than transitory shocks. The transmission is stronger under adjustable- than fixed-rate mortgages. Higher, persistent, inflation benefits homeowners under FRMs but hurts them under ARMs.
Schlagwörter: 
Mortgages
Debt servicing costs
Monetary policy
Residential investment
JEL: 
E32
E52
G21
R21
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
464.38 kB





Publikationen in EconStor sind urheberrechtlich geschützt.