房价，借用限制和在经济周期的货币政策(英文)(pdf 48页)
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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 propagated over time. The financial accelerator is not uniform: nominal debt dampens supply
shocks, stabilizing the economy under interest rate control. Structural estimation supports two key
model features: collateral effects dramatically improve the response of aggregate demand to house prices
shocks; nominal debt improves the sluggish response of output to inflation surprises. Finally, policy
evaluation considers the role of house prices and debt indexation in affecting monetary policy trade-offs.
(JEL E31, E32, E44, E52, R21)
∗Department of Economics, Boston College, Chestnut Hill, MA 02467, USA (email: iacoviel@bc.edu).
I am deeply indebted to my Ph.D. advisor at the London School of Economics, Nobuhiro Kiyotaki,
for his continuous help and invaluable advice. I thank Fabio Canova, Raffaella Giacomini, Christopher
House, Peter Ireland, Raoul Minetti, François Ortalo-Magné, Marina Pavan, Christopher Pissarides,
Fabio Schiantarelli, two anonymous referees and seminar participants at the Bank of England, Boston
College, the European Central Bank, the Ente Luigi Einaudi, the Federal Reserve Bank of New York,
the Federal Reserve Bank of St.Louis, the London School of Economics, the NBER Monetary Economics
Meeting and Northeastern University for their helpful comments on various versions of this work. Viktors
Stebunovs provided superb research assistance.
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