住房价格，消费和货币政策-金融加速器原理.pdfVIP

Journal of Financial Intermediation 13 (2004) 414–435 /locate/j? House prices, consumption, and monetary policy: a ?nancial accelerator approach Kosuke Aoki a, James Proudman b, Gertjan Vlieghe b,c,? a CREI, Ramon Trias Fargas 25-27, 08005 Barcelona, Spain b Bank of England, Threadneedle Street, London, EC2R 8AH, UK c London School of Economics, Houghton Street, London, WC2A 2AE, UK Received 1 August 2003 Available online 20 August 2004 Abstract We consider a general equilibrium model with frictions in credit markets used by households. In our economy, houses provide housing services to consum