Arbeitspapier
Consumption, housing collateral, and the Canadian business cycle
Using Bayesian methods, we estimate a small open economy model in which consumers face limits to credit determined by the value of their housing stock. The purpose of this paper is to quantify the role of collateralized household debt in the Canadian business cycle. Our findings show that the presence of borrowing constraints improves the performance of the model in terms of overall goodness of fit. In particular, the presence of housing collateral generates a positive correlation between consumption and house prices. Finally we find that housing collateral induced spillovers account for a large share of consumption growth during the housing market boom-bust cycle of the late 1980s.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Canada Working Paper ; No. 2009-26
- Klassifikation
-
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
Monetary Policy
Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
- Thema
-
Business fluctuations and cycles
Credit and credit aggregates
Transmission of monetary policy
Immobilienmarkt
Immobilienpreis
Privater Haushalt
Kreditsicherung
Verschuldungsrestriktion
Gesamtwirtschaftlicher Konsum
Kleines-offenes-Land
Kanada
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Christensen, Ian
Corrigan, Paul
Mendicino, Caterina
Nishiyama, Shin-ichi
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Canada
- (wo)
-
Ottawa
- (wann)
-
2009
- DOI
-
doi:10.34989/swp-2009-26
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Christensen, Ian
- Corrigan, Paul
- Mendicino, Caterina
- Nishiyama, Shin-ichi
- Bank of Canada
Entstanden
- 2009
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