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Essays On Housing And Macroeconomics, Pablo Lara Hinojos
Essays On Housing And Macroeconomics, Pablo Lara Hinojos
Dissertations, Theses, and Capstone Projects
Chapter 1: House Prices and Aggregate Markups: A VAR Approach
Based on the empirical results of Stroebel and Vavra (2019), who find that a local increase in house prices translates into higher local retail markups and prices, I investigate whether this relationship holds at the aggregate level. I first construct a quarterly aggregate markup series and find that house prices and aggregate markups have a positive relationship. This result emerges from a Vector Autoregression (VAR) system that includes the nominal interest rate, the inflation rate, aggregate house prices, aggregate markups, and real output. I use the Impulse Response Functions (IRFs) …
Essays In Monetary And Macroprudential Policies, Mikheil Dvalishvili
Essays In Monetary And Macroprudential Policies, Mikheil Dvalishvili
Dissertations, Theses, and Capstone Projects
Chapter 1 Using a medium scale general equilibrium New Keynesian business cycle model with macroprudential policy and news shocks I study the effectiveness of various combinations of the monetary and macroprudential policies. I incorporate defaults both in the banking sector and households. The results show that out of the policy strategies considered the standard Taylor rule combined with the LTV requirement that reacts countercyclically to the deviation of house prices from the steady state yields higher welfare as compared with all the other strategies considered. Additionally, the standard Taylor rule combined with either of the countercyclical LTV requirements mitigates the …
Fiscal And Monetary Policies And Stock Market, Ilhami Gunduz
Fiscal And Monetary Policies And Stock Market, Ilhami Gunduz
Dissertations, Theses, and Capstone Projects
This dissertation consists of three chapters.
The first chapter analyzes the stock market transmission channel of the monetary policy of the Turkish economy not only at the aggregate but also at the sectoral level in a structural vector autoregression (SVAR) framework. I adopt alternative variables as a policy instrument. When the spread is used as a policy instrument, I find that contractionary monetary policy has a significant negative effect on both output and the price level and it appreciates the Turkish Lira. In addition, tight monetary policy reduces both aggregate and sectoral market returns. Hence, the results suggest that policymakers …
Committee Decision Making In Monetary Policy, Hyungju Cha
Committee Decision Making In Monetary Policy, Hyungju Cha
Dissertations, Theses, and Capstone Projects
One reason of the criticism about Taylor rule would be that the rule could not provide a micro foundation about the decision-making mechanism. because it is simply describing the policy process in terms of the short-term nominal interest rate. In order to reconcile the tension between critics and supporters of Taylor rule, chapter I employs the theory of team, which investigates how members in a team interact to determine optimal decisions. Using team theory, it is shown how optimal monetary policy is results from committee members' interactions.
In chapter II, if the government cannot recognizes that the monetary policy can …