| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19744 |
| 来源ID | Working Paper 19744 |
| Mortgages and Monetary Policy | |
| Carlos Garriga; Finn E. Kydland; Roman Sustek | |
| 发表日期 | 2013-12-19 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Mortgages are long-term loans with nominal payments. Consequently, under incomplete asset markets, monetary policy can affect housing investment and the economy through the cost of new mortgage borrowing and real payments on outstanding debt. These channels, distinct from traditional real rate channels, are embedded in a general equilibrium model. The transmission mechanism is found to be stronger under adjustable- than fixed-rate mortgages. Further, monetary policy shocks affecting the level of the nominal yield curve have larger real effects than transitory shocks, affecting its slope. Persistently higher inflation gradually benefits homeowners under FRMs, but hurts them immediately under ARMs. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Financial Economics ; Financial Institutions ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w19744 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577418 |
| 推荐引用方式 GB/T 7714 | Carlos Garriga,Finn E. Kydland,Roman Sustek. Mortgages and Monetary Policy. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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