The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle
Abstract
I develop and estimate a monetary business cycle model with nominal loans and collateral constraints tied to housing values. Demand shocks move housing and nominal prices in the same direction, and are amplified and propagated over time. The financial accelerator is not uniform: nominal debt dampens supply shocks, stabilizing the economy under interest rate control. Structural estimation supports two key model features: collateral effects dramatically improve the response of aggregate demand to housing price shocks; and nominal debt improves the sluggish response of output to inflation surprises. Finally, policy evaluation considers the role of house prices and debt indexation in affecting monetary policy trade-offs.
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Cites
Discretion versus policy rules in practice
Taylor, J. B. (1993) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(93)90009-l · Cited by 9,065
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Monetary policy, business cycles, and the behavior of small manufacturing firms
Gertler, M., & Gilchrist, S. (1994) · The Quarterly Journal of Economics · doi:10.2307/2118465 · Cited by 2,547
The financial accelerator, and the flight to quality
Bernanke, B., Gertler, M., & Gilchrist, S. (1996) · The Review of Economics and Statistics · doi:10.2307/2109844 · Cited by 2,351
Cited by
Monetary Policy and the Redistribution Channel
Auclert, A. (2019) · American Economic Review · doi:10.1257/aer.20160137 · Cited by 773
Capital regulation and monetary policy with fragile banks
Angeloni, I., & Faia, E. (2013) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2013.01.003 · Cited by 435
Household Leverage and the Recession of 2007–09
Mian, A., & Sufi, A. (2010) · IMF Economic Review · doi:10.1057/imfer.2010.2 · Cited by 404
Housing Wealth and Consumption: Evidence from Geographically Linked Microdata
Aladangady, A. (2017) · American Economic Review · doi:10.1257/aer.20150491 · Cited by 292
House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data
Gorea, D., Kryvtsov, O., & Kudlyak, M. (2022) · doi:10.2139/ssrn.4188292 · Cited by 15
Metadata
- Authors
- Iacoviello, M.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2005-06-01
- Volume
- 95
- Issue
- 3
- Pages
- 739-764
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2124532652
- Cited by
- 2,476
- References
- 4
- FWCI
- 68.83
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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