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Housing and Macroeconomy: The Role of Credit Channel, Risk -,
Demand - and Monetary Shocks

URN to cite this document:
urn:nbn:de:bvb:355-epub-346397
Dorofeenko, Victor ; Lee, Gabriel ; Salyer, Kevin ; Strobel, Johannes
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Date of publication of this fulltext: 28 Sep 2016 09:21


Abstract

This paper demonstrates that risk (uncertainty) along with the monetary (interest rates) shocks to the housing production sector are a quantitatively important impulse mechanism for the business and housing cycles. Our model framework is that of the housing supply/banking sector model as developed in Dorofeenko, Lee, and Salyer (2014) with the model of housing demand presented in Iacoviello and ...

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