Housing - Macroeconomy, Financial Intermediation, and Monetary Policy: Theory and Empirical Evidence from U.S. and European Economies
住房 - 宏观经济、金融中介和货币政策:来自美国的理论和经验证据
基本信息
- 批准号:236861276
- 负责人:
- 金额:--
- 依托单位:
- 依托单位国家:德国
- 项目类别:Research Grants
- 财政年份:2013
- 资助国家:德国
- 起止时间:2012-12-31 至 2015-12-31
- 项目状态:已结题
- 来源:
- 关键词:
项目摘要
Recent economic events have dramatically underscored the important roles that housing and finance play in the business cycle. And while there has no doubt been a concomitant increase in economic research which examines housing markets and financial intermediation, only a few analyses have been conducted in a calibrated, general equilibrium setting; i.e. an economic environment in which the quantitative properties of the model are broadly consistent with observed business cycle characteristics. Our proposal is to remedy this deficiency by building on our previous research. The broad objective of this research project is to develop a theoretical and computational framework that can help us understand: [1] how does uncertainty in lending channel effect economies (including both financial and housing markets) at different stages of business cycle; [2] what are the effects associated with credit constrained heterogenous agents on the housing prices and the business cycle; and [3] what types monetary policies might help (or hinder) the process of housing and financial development.In particular, our plan is to merge the housing supply/banking sector model as developed in Dorofeenko, Lee, and Salyer (2012) with the model of housing demand presented in Iacoviello and Neri (2010) in order to examine how the factors of production uncertainty, financial intermediation, and credit constrained households can affect housing prices and aggregate economic activity. Moreover, this analysis is cast within a monetary framework which permits a study of how monetary policy can be used to mitigate the deleterious effects of cyclical phenomenon that originates in the housing sector
最近的经济事件极大地强调了住房和金融在商业周期中的重要作用。毫无疑问,伴随而来的是对住房市场和金融中介的经济研究的增加,但只有少数分析是在经过校准的一般均衡环境中进行的;即一种经济环境,其中模型的数量属性与观察到的商业周期特征大致一致。我们的建议是以我们以前的研究为基础来弥补这一缺陷。本研究项目的总体目标是建立一个理论和计算框架,帮助我们理解:在商业周期的不同阶段,贷款渠道的不确定性如何影响经济(包括金融和住房市场);b[2]信贷约束的异质性主体对房价和商业周期的影响是什么?以及哪种类型的货币政策可能有助于(或阻碍)房地产和金融发展的进程。具体而言,我们的计划是将Dorofeenko、Lee和Salyer(2012)提出的住房供应/银行部门模型与Iacoviello和Neri(2010)提出的住房需求模型合并,以检验生产不确定性、金融中介和信贷受限家庭等因素如何影响房价和总体经济活动。此外,这一分析是在货币框架内进行的,该框架允许研究如何使用货币政策来减轻起源于住房部门的周期性现象的有害影响
项目成果
期刊论文数量(3)
专著数量(0)
科研奖励数量(0)
会议论文数量(0)
专利数量(0)
Risk shocks and housing supply: A quantitative analysis
风险冲击和住房供应:定量分析
- DOI:10.1016/j.jedc.2014.05.014
- 发表时间:2014
- 期刊:
- 影响因子:1.9
- 作者:Dorofeenko;Victor;Gabriel Lee;Kevin Salyer
- 通讯作者:Kevin Salyer
Uncertainty and Housing in a New Keynesian Monetary Model with Agency Costs
具有代理成本的新凯恩斯货币模型中的不确定性和住房
- DOI:10.15396/eres2019_214
- 发表时间:2019
- 期刊:
- 影响因子:0
- 作者:Dorofeenko;Victor;Gabriel Lee;Kevin Salyer;Johannes Strobel
- 通讯作者:Johannes Strobel
On the different approaches of measuring uncertainty shocks
- DOI:10.1016/j.econlet.2015.06.012
- 发表时间:2015-09
- 期刊:
- 影响因子:2
- 作者:Johannes Strobel
- 通讯作者:Johannes Strobel
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Professor Dr. Gabriel Lee, Ph.D.其他文献
Professor Dr. Gabriel Lee, Ph.D.的其他文献
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