房价，借用限制和在经济周期的货币政策(pdf 48)

Abstract
I develop and estimate a monetary business cycle model with nominal loans and collateral constraints
tied to housing values. Demand shocks move together housing and nominal prices, 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 house prices
shocks; 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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