住房價格，消費和貨幣政策-金融加速器原理（pdf 22）

Abstract
We consider a general equilibrium model with frictions in credit markets used by households. In
our economy, houses provide housing services to consumers and serve as collateral to lower borrowing
cost.We show that this amplifies and propagates the effect of monetary policy shocks on housing
investment, house prices and consumption.We also consider the effect of a structural change in credit
markets that lowers the transaction costs of additional borrowing against housing equity. We show
that such a change would increase the effect of monetary policy shocks on consumption, but would
decrease the effect on house prices and housing investment.
? 2004 Bank of England. Published by Elsevier Inc. All rights reserved.
JEL classification: E32; E50; R21
Keywords: House prices; Credit frictions; Monetary policy; Financial accelerator; Consumption
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