Macroprudential and monetary policy interactions in a DSGE model for Sweden /
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| Author / Creator: | Chen, Jiaqian, author, (IMF staff) |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, [2016] ©2016 |
| Description: | 1 online resource (58 pages) : color illustrations. |
| Language: | English |
| Series: | IMF working paper, 1018-5941 ; WP/16/74 IMF working paper ; WP/16/74. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12504844 |
Table of Contents:
- Cover; Contents; 1 Introduction; 2 The Swedish Housing Market; 3 The Model; 4 Calibration and Estimation; 5 Model Properties; 6 Exploring the impact of macroprudential policies; 7 Welfare optimal macroprudential policies; 8 Discussion and Robustness Checks; 9 Conclusion; Appendix; A Additional Tables and Figures; B The Model; C Data and Sources; List of Tables; 1 Calibrated parameters; 2 Steady state ratios; A1 Prior and posterior distribution of the structural parameters I; A2 Prior and posterior distribution of the structural parameters II; List of Figures.
- 1 Swedish household indebtedness and housing price expectations2 Household debt as share of disposable income; 3 Tax incentives for home ownership, 2013; 4 Housing stock to population; 5 Interest rate fixation periods for Swedish mortgages; 6 Spread between mortgage interest rates and bond yields; 7 Swedish household indebtedness and housing price expectations; 8 Monetary policy shock; 9 Impacts from a permanent reduction in LTV: 85 ₂!80; 10 Impacts from a permanent change in amortization requirement: 50 ₂!45; 11 Impacts from a reduction in mortgage tax deductibility: 30 ₂!25.
- 12 Households' consumption responses from a reduction in mortgage tax de-ductibility: 30 ₂!2513 Impacts from a increase in mortgage risk weights: 25 ₂!30; 14 Welfare: loan-to-value ratio; 15 Welfare: amortization; 16 Welfare: tax deductibility on mortgage interest repayments; 17 Welfare: mortgage risk weights; 18 Household debt: mortgage risk weights; 19 Welfare: interaction between amortization requirements and LTV; 20 Welfare: amortization requirement; 21 Welfare: interaction between mortgage tax deductibility and LTV I; 22 Welfare: interaction between mortgage tax deductbility and LTV II.
- 23 Aggregate of saver's and borrower's utilities: interaction between amortization requirements and LTV24 Household debt over amortization requirements and LTV; A1 Prior and posterior distribution of estimated parameters.