住房价格，借入限制和在商业循环中的货币政策(英文)(pdf 48页)

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.
(JEL E31, E32, E44, E52, R21)
“The population is not distributed between debtors and creditors randomly. Debtors have
borrowed for good reasons, most of which indicate a high marginal propensity to spend from
wealth or from current income or from any other liquid resources they can command. Typically
their indebtedness is rationed by lenders [...]. Business borrowers typically have a strong
propensity to hold physical capital [...]. Their desired portfolios contain more capital than
their net worth [...]. Household debtors are frequently young families acquiring homes and
furnishings before they earn incomes to pay for them outright; given the difficulty of borrowing……
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