The Role of Collateralized House-hold Debt in Macroeconomic Stabilization

By Jeffrey R. Campbell, Z. Hercowitz. 2005

255 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/4d5de8b20728802b213244b8ad0f8f249288e5a5

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Economics and Econometrics

Citations in the corpus

Can Financial Innovation Help to Explain the Reduced Volatility of Economic Activity (2005, unknown): “Focusing on this accelerator effect, Blanchard and Simon (2001) and Campbell and Hercowitz (2005) asserted that more efficient financial markets would increase the volatility of durable goods purchases.”
New Keynesian models, durable goods, and collateral constraints (2009, unknown): “Given initial values fb 1, D 1g, the borrower chooses fNt; bt; Dt; Ctg to maximize (5) subject to (7) and (10).”
Housing Market Spillovers: Evidence from an Estimated DSGE Model (2010, unknown): “Campbell and Hercowitz (2005), for instance, argue that mortgage market liberalization drastically reduced the equity requirements associated with collateralized borrowing.”
Why have business cycle fluctuations become less volatile? (2006, background): “More recently, Campbell and Hercowitz (2005) argue that financial reforms of the early 1980’s have changed the propagation mechanism by relaxing collateral constraints on household borrowing.”
Assessing the Sources of Changes in the Volatility of Real Growth (2006, unknown): “Campbell and Hercowitz (2005) link the reduced volatility of output to the increase in household borrowing resulting from the relaxation of collateral constraints in the 1980s.”
The global credit boom: Challenges for macroeconomics and policy (2009, background): “In addition, as Campbell and Hercowitz (2005) have argued, nancial market innovations, by reducing perceptions of risk, may also have eased credit constraints on households and contributed to the decline in macroeconomic volatility.”
The Mortgage Credit Channel of Macroeconomic Transmission (2016, unknown): “dner (2014), Campbell and Cocco (2015), Chatterjee and Eyigungor (2015), Elenev, Landvoigt, and Van Nieuwerburgh (2015), Gorea and Midrigan (2015), Landvoigt (2015). (7)See Iacoviello (2005), Monacelli (2008), Iacoviello and Neri (2010), Ghent (2012), Liu, Wang, and Zha (2013), Rognlie, Shleifer, an”
The Time-Varying Volatility of Macroeconomic Fluctuations (2006, background): “Important elements of this transformation were the passing of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA) in 1980, particularly the demise of regulation Q, and the Garn-St Germain Act of 1982 (see, for instance, Hendershott (1990), Dynan, Elmendorf, and Sichel (2005) o”
Financial Innovations and Macroeconomic Volatility (2006, unknown): “The role of financial innovations is also studied in Campbell & Hercowitz (2005) although they focus on innovations in the mortgage market and the households’ demand for residential investment.”