主題：Housing Finance,
Boom-Bust Episodes, and the Macroeconomy（住宅信貸、繁榮-蕭條期與宏觀經濟）
主講人：Carlos Garriga，聖路易斯聯邦儲備銀行副總裁
日期：2017年11月15日（周三）
時間：上午10:00-11:30
地點：清華Betvictor中文版4号樓101教室
語言：英文
摘要：
This
paper analyzes how arrangements in the in the mortgage market impact the dynamics
of housing (boom-bust episodes) and the economy using a structural equilibrium
model with incomplete markets and endogenous adjustment costs. In response to
mortgage rates and credit conditions, the model can generate movements in house
prices, residential investment, and homeownership consistent with the U.S.
housing boom-bust. The propagation to the macroeconomy is asymmetric with much
higher consumption sensitivity during the bust than the boom due to the
endogenous fragility caused by mortgage debt. Mortgages with adjustable-rate
increase the sensitivity of house prices to credit conditions relative to an
economy with fixed-rate loans without refinancing. Macro prudential policies
can mitigate fragility by reducing the magnitude of house price movements
without curtailing homeownership.
主講人簡介:
Carlos
Garriga is a Vice President at the Federal Reserve Bank of St. Louis. Prior to
joining the Federal Reserve Bank in 2007, he was faculty at the Department of
Economics at Florida State University and at the Universitat de Barcelona. He
has been a visiting scholar at the Sveriges Riksbank, the Federal Reserve Banks
of Minneapolis and Atlanta and LAEF at the University of California Santa Barbara,
CEDEC Washington University in St. Louis, the London School of Economics, and
the Department of Economics at the University of Minnesota. He has given
lectures at Washington University in St. Louis, Abat Oliba CEU University, the
Universidad Nacional de Educacion a Distancia (UNED).
He
has published articles in the Review of
Financial Studies, Journal of Monetary Economics, International Economic
Review, Review of Economic Dynamics, European Economic Review, Journal of
European Economic Association, Economic Letters, Economic Modeling, and
chapters in books published by Chicago University Press and MIT Press.
