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政大機構典藏 > 社會科學學院 > 財政學系 > 期刊論文 > Item 140.119/126713

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/126713

Title:	Credit Frictions and Consumption Dynamics in an Open Economy
Authors:	朱琇妍 Chu, Shiou-Yen
Contributors:	財政系
Keywords:	Financial accelerator;Interest rate rigidity;Collateral constraint
Date:	2013-06
Issue Date:	2019-10-04 16:07:16 (UTC+8)
Abstract:	This paper incorporates a collateral constraint and a banking sector into the New Keynesian dynamic stochastic general equilibrium (DSGE) model. With the presence of credit frictions and interest rate rigidity, we examine the dynamics between housing prices, housing consumption and interest rates in response to policy shocks and exchange rate shocks. Unanticipated monetary contraction and currency depreciation decrease collateral-constrained households` housing consumption in accordance with lower home prices, less availability of domestic borrowing and lower lending rates. Compared to a closed economy, policy shocks have larger spillover effects on housing consumption in an open economy since the availability of foreign borrowing magnifies the impact of declining housing prices.
Relation:	International Review of Economics and Finance, Vol.27, pp.250-260
Data Type:	article
Appears in Collections:	[財政學系] 期刊論文

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