房价、消耗量和货币政策--一种财政加速器方法(pdf 22页)

Abstract
We consider a general equilibrium model with frictions in credit markets used by households. In
our economy, houses provide housing services to consumers and serve as collateral to lower borrowing
cost.We show that this amplifies and propagates the effect of monetary policy shocks on housing
investment, house prices and consumption.We also consider the effect of a structural change in credit
markets that lowers the transaction costs of additional borrowing against housing equity. We show
that such a change would increase the effect of monetary policy shocks on consumption, but would
decrease the effect on house prices and housing investment.
 2004 Bank of England. Published by Elsevier Inc. All rights reserved.
1. Introduction
House prices in the United Kingdom, and more recently in the United States, have received
a great deal of attention from policy-makers and economic commentators. It is often
* Corresponding author.
E-mail address: jan.vlieghe@bankofengland.co.uk (G. Vlieghe).……
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