The comovement between household loans and real activity
AbstractIn this paper, we analyze the business cycle behavior of home mortgages and consumer credit and investigate whether the observed changes. and in particular observed changes in the comovement between the loan variables and real activity. are likely to be caused by changes in financial markets. We find that there may have been such a role for changes in markets for consumer credit, but even before the financial crisis hit, the data do not support the hypothesis that changes in mortgage markets reduced the impact of economic shocks on real activity.
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Bibliographic InfoPaper provided by Netherlands Central Bank, Research Department in its series DNB Working Papers with number 204.
Date of creation: Feb 2009
Date of revision:
Find related papers by JEL classification:
- C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- F15 - International Economics - - Trade - - - Economic Integration
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-03-07 (All new papers)
- NEP-BEC-2009-03-07 (Business Economics)
- NEP-CBA-2009-03-07 (Central Banking)
- NEP-MAC-2009-03-07 (Macroeconomics)
- NEP-OPM-2009-03-07 (Open Economy Macroeconomic)
- NEP-REG-2009-03-07 (Regulation)
- NEP-URE-2009-03-07 (Urban & Real Estate Economics)
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