House Prices, Consumption, and Monetary Policy: A Financial Accelerator Approach

By Kosuke Aoki, James Proudman, Gertjan W. Vlieghe. 2002

576 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/d5872e5794b1802ce003f8835545d0f5e96ac0b8

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Citations in the corpus

Interest Rates and Equity Extraction During the Housing Boom (2016, unknown): “See Aoki et al. (2004) for a model of how house prices and monetary policy interact.”
House Prices, Money, Credit and the Macroeconomy (2008, unknown): “3 Aoki et al (2004) and Iacoviello (2004, 2005) show based on general equilibrium models that a financial accelerator effect arises in the household sector via house prices when households’ ability to borrow depends on the value of housing collateral.”
Monetary and Macroprudential Policy Rules in a Model with House Price Booms (2009, background): “8Models with explicit default risk such as Aoki et al. (2004) and Forlati and Lambertini (2011) derive an expression relating credit spreads with the net worth of agents that borrow using housing as collateral.”
What are the effects of fiscal policy on asset markets (2011, background): “Darrat (1988) and Arin et al. (2009) show that fiscal policy can indeed influence stock market returns. Tavares and Valkanov (2003) argue that fiscal policy can impact financial markets both directly (via bond markets and interest rates) and indirectly (via stock market returns).”
Housing and Liquidity (2015, background): “2011), our agents are fully rational, with homogenous beliefs, and often per3In adition to work mentioned elsewhere, housing papers that influenced the project include Aoki et al. (2004), Hurst and Stafford (2004), Campbell and Hercowitz (2005), Iacoviello (2005), Glaeser et al.”
Monetary Policy and the Global Housing Bubble (2011, unknown): “, 2009; Iacoviello and Minetti, 2003) or decrease (Aoki et al., 2004) the response of MONETARY POLICY AND THE GLOBAL HOUSING BUBBLE 263”
Booms and Busts: Consumption, House Prices and Expectations (2005, unknown): “Aoki et al. (2001), recognizing the strong relationship between net housing equity and mortgage equity withdrawal, pointed out that a rise in house prices increases the collateral available to homeowners.”
Global House Price Fluctuations: Synchronization and Determinants (2012, unknown): “3 Aoki, Proudman, and Vlieghe (2004) quantify the effect of shocks on housing investment, house prices and consumption in a model in which houses serve as collateral to reduce agency costs related to borrowing.”