| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8386 |
| DP8386 Credit Conditions and the Real Economy: The Elephant in the Room | |
| John Muellbauer; David M Williams | |
| 发表日期 | 2011-05-31 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Changes in credit market architecture are an important but unobservable structural influence on economic activity. For Australian data, we model non-price credit supply conditions within equilibrium correction models of consumption, house prices, mortgage credit and housing equity withdrawal. Our "latent interactive variable equation system" (LIVES) employs a single latent variable to capture evolutionary shifts (in credit conditions) that affect not only the intercept of each equation, but also interact with key economic variables. We show that credit conditions impact on consumption by: (i) lowering the mortgage downpayment constraint facing young households; (ii) introducing a housing collateral channel from house prices to real activity; and (iii) facilitating intertemporal consumption smoothing. |
| 主题 | International Macroeconomics |
| 关键词 | Consumption Credit conditions House prices Wealth |
| URL | https://cepr.org/publications/dp8386 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537234 |
| 推荐引用方式 GB/T 7714 | John Muellbauer,David M Williams. DP8386 Credit Conditions and the Real Economy: The Elephant in the Room. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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