Registro completo de metadatos
Campo DC | Valor |
---|---|
dc.contributor.author | Rubio Sánchez, Margarita |
dc.coverage.spatial | Países de la UE |
dc.date.accessioned | 2019-08-10T17:55:07Z |
dc.date.available | 2019-08-10T17:55:07Z |
dc.date.issued | 2009-08-21 |
dc.identifier.issn | ISSN: 0213-2710 (en papel) |
dc.identifier.issn | ISSN: 1579-8666 (en línea) |
dc.identifier.uri | https://repositorio.bde.es/handle/123456789/6991 |
dc.description.abstract | This paper studies the implications of cross-country housing market heterogeneity for a monetary union, also comparing the results with a flexible exchange rate and independent monetary policy setting. I develop a two-country new Keynesian general equilibrium model with housing and collateral constraints to explore this issue. Results show that in a monetary union, consumption reacts more strongly to monetary policy shocks in countries with high loan-to-value ratios (LTVs), a high proportion of borrowers or variable-rate mortgages. As for asymmetric technology shocks, output and house prices increase by more in the country receiving the shock if it can conduct monetary policy independently. I also find that after country-specific housing price shocks consumption does not only increase in the country where the shock takes place, there is an international transmission. From a normative perspective, I conclude that housing-market homogenization in a monetary union is not beneficial per se, only when it is towards low LTVs or predominantly fixed-rate mortgages. Furthermore, I show that when there are asymmetric shocks but identical housing markets, it is beneficial to form a monetary union with respect to having a flexible exchange rate regime. However, for the examples I consider, net benefits decrease substantially if there is LTV heterogeneity and are negative under different mortgage contracts |
dc.format.extent | 45 p. |
dc.language.iso | en |
dc.publisher | Banco de España. |
dc.relation.ispartof | Documentos de Trabajo / Banco de España, 0916 |
dc.rights | Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0) |
dc.rights | In Copyright - Non Commercial Use Permitted |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES |
dc.rights.uri | http://rightsstatements.org/vocab/InC-NC/1.0/ |
dc.subject | Housing market |
dc.subject | Collateral constraint |
dc.subject | Monetary policy |
dc.subject | Monetary union |
dc.title | Housing market heterogeneity in a monetary union |
dc.type | Documento de trabajo |
dc.identifier.bdebib | 000233092 |
dc.identifier.bdepub | DTRA-200916-eng |
dc.subject.bde | Fluctuaciones y ciclos económicos |
dc.subject.bde | Política monetaria |
dc.subject.bde | Instituciones financieras no bancarias |
dc.subject.bde | Integración monetaria europea |
dc.publisher.bde | Madrid : Banco de España., 2009 |
dc.subject.jel | E32 |
dc.subject.jel | E44 |
dc.subject.jel | F36 |