کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
986491 | 1480807 | 2015 | 21 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Housing and liquidity
ترجمه فارسی عنوان
مسکن و نقدینگی
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
Coinciding with the start of the housing boom were large increases in home-equity lending and loan-to-equity ratios. We study this in models where housing bears a liquidity premium because it collateralizes loans. Even with fundamentals constant, since liquidity depends on beliefs, self-fulfilling prophecies allow prices to be cyclic, chaotic or stochastic. With changing fundamentals – financial innovation – we can account for half of the empirical price boom, suggesting there may well be room for self-fulfilling prophecies. Since liquidity premia are nonmonotone in loan-to-equity ratios, continuing financial innovation generates a price boom and bust. Finally, we study the impact of monetary policy.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Economic Dynamics - Volume 18, Issue 3, July 2015, Pages 435–455
Journal: Review of Economic Dynamics - Volume 18, Issue 3, July 2015, Pages 435–455
نویسندگان
Chao He, Randall Wright, Yu Zhu,