Consumption, house prices, and collateral constraints: a structural econometric analysis

If borrowing capacity of indebted households is tied to the value of their home, house prices should enter a correctly specified aggregate Euler equation for consumption. I develop a simple two-agent, dynamic general equilibrium model in which home (collateral) values affect debt capacity and consum...

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Veröffentlicht in:	Journal of housing economics 2004-12, Vol.13 (4), p.304-320
1. Verfasser:	Iacoviello, Matteo
Format:	Artikel
Sprache:	eng
Schlagworte:	Collateral constraints Consumption Credit Econometrics House prices Housing Housing prices
Online-Zugang:	Volltext
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