作者：Chodorow-Reich, Gabriel; Guren, Adam M.; McQuade, Timothy J.
作者单位：Harvard University; National Bureau of Economic Research; Boston University; University of California System; University of California Berkeley
摘要：With 2020 hindsight, the 2000s housing cycle is not a boom-bust but a boom-bust-rebound. Using a spatial equilibrium regression in which house prices are determined by income, amenities, urbanization, and supply, we show that long-run city-level fundamentals predict not only 1997-2019 price and rent growth but also the amplitude of the boom-bust-rebound. This evidence motivates our model of a cycle rooted in fundamentals. Households learn about fundamentals by observing dividends but become ov...
作者：Ferrero, Andrea; Harrison, Richard; Nelson, Benjamin
作者单位：Centre for Economic Policy Research - UK; University of Oxford; Bank of England
摘要：This paper studies the optimal design of a macro-prudential instrument, a loan-to-value (LTV) limit, and its implications for monetary policy in a model with nominal rigidities and financial frictions. The analysis accounts for both an effective lower bound on the nominal interest rate and an upper bound on the ability of LTV limits to stimulate credit demand. The welfare-based loss function features a role for macro-prudential policy to enhance risk-sharing. Optimal LTV limits are strongly co...
