| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10865 |
| DP10865 Household Debt and Crises of Confidence | |
| Winfried Koeniger; Thomas Hintermaier | |
| 发表日期 | 2015-10-11 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We show that the size of collateralized household debt determines an economy's vulnerability to crises of confidence. The house price feeds back on itself by contributing to a liquidity effect, which operates through the value of housing in a collateral constraint. Over a specific range of debt levels this liquidity feedback effect is strong enough to give rise to multiplicity of house prices. In a dynamic setup, we conceptualize confidence as a realization of rationally entertainable belief-weightings of multiple future prices. This delivers debt-level-dependent bounds on the extent to which confidence may drive house prices and aggregate consumption. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Collateral constraints Consumer confidence Household debt Multiple equilibria |
| URL | https://cepr.org/publications/dp10865 |
| 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/539695 |
| 推荐引用方式 GB/T 7714 | Winfried Koeniger,Thomas Hintermaier. DP10865 Household Debt and Crises of Confidence. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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