This paper reviews the design and performance of monetary policy in South Africa since
1994. Quantitative indexes of transparency reveal a strong rise in the transparency and …

I develop and estimate a monetary business cycle model with nominal loans and collateral
constraints tied to housing values. Demand shocks move housing and nominal prices in the …

We discuss the evolution in macroeconomic thought on the monetary policy transmission
mechanism and present related empirical evidence. The core channels of policy …

We consider a general equilibrium model with frictions in credit markets used by
households. In our economy, houses provide housing services to consumers and serve as …

The strong rise in home prices since the mid-1990s has raised concerns over a possible
bubble in the housing market and the effect of a sharp price decline on the US economy …

Proper conduct of monetary policy requires understanding the monetary transmission
mechanism, to monitor the economy, make decisions on the stance of policy, and explain …

I estimate an eight variable structural vector autoregression (SVAR) model of the UK
economy based upon that of Kim and Roubini [Kim, S., Roubini, N., 2000. Exchange rate …

If borrowing capacity of indebted households is tied to the value of their home, house prices
should enter a correctly specified aggregate Euler equation for consumption. I develop a …

Housing markets have played a prominent role in macroeconomic developments over
recent years. For a great part of the 2000s, buoyant housing markets have contributed to …

Many factors have contributed to the development of credit markets, easing access of
households to credit. This paper considers the implications of easier credit for the influence …