住房价格，借入限制和在商业循环中货币政策.pdfVIP

House Prices, Borrowing Constraints and Monetary Policy in the Business Cycle Matteo Iacoviello∗ Boston College December 3, 2004 Abstract I develop and estimate a monetary business cycle model with nominal loans and collateral constraints tied to housing values. Demand shocks move together housing and nominal prices, and are amplified and pro