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Macroprudential and Monetary Policies: Implications for House Prices and Household Debt
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- Authors
- Issue Date
- 2015-04
- Citation
- Seoul Journal of Economics, Vol.28 No.2, pp. 143-169
- Keywords
- House price ; Macroprudential policy ; Monetary policy
- Abstract
- This study examines the effect of the interaction between timevarying macroprudential policy and credit growth or house price growth on dampening the excess volatility of household debt in the standard DSGE model. The study also discusses the effect of introducing the debt-to-income ratio, aside from the loan-to-value ratio, on cooling down large household debt swings. Moreover, this study shows that the reaction of macroprudential policy to credit growth is more effective than its reaction to house price growth in moderating household debt swings to exogenous shocks.
- ISSN
- 1225-0279
- Language
- English
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