Modeling a Housing and Mortgage Crisis
In: Financial Stability, Monetary Policy, and Central Banking
AbstractThe purpose of this paper is to explore financial instability in this case due to a housing crisis and defaults on mortgages. The model incorporates heterogeneous banks and households. Mortgages are secured by collateral, which is equal to the amount of housing which agents purchase. Individual default is spread through the economy via the interbank market. Several comparative statistics illustrate the directional effects of a variety of shocks in the economy.
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This chapter was published in: Rodrigo Alfaro (ed.) Financial Stability, Monetary Policy, and Central Banking, , chapter 08, pages 215-253, 2011.
This item is provided by Central Bank of Chile in its series Central Banking, Analysis, and Economic Policies Book Series with number v15c08pp215-253.
Other versions of this item:
- Alexandros Vardoulakis & Dimitrios Tsomocos & Charles Goodhart, 2010. "Modelling a Housing and Mortgage Crisis," FMG Discussion Papers dp649, Financial Markets Group.
- Charles A.E. Goodhart & Dimitrios P. Tsomocos & Alexandros P. Vardoulakis, 2009. "Modeling a Housing and Mortgage Crisis," Working Papers Central Bank of Chile 547, Central Bank of Chile.
- E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- H00 - Public Economics - - General - - - General
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