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Full-Text Articles in Social and Behavioral Sciences
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 …