Infrequent Housing Adjustment, Limited Participation, and Monetary Policy
研究货币紧缩为何对住房市场影响强烈，通过构建一个住房调整滞后的模型，发现金融市场有限参与导致实际抵押贷款利率上升，进而减少住房投资占比。
This paper asks why monetary contractions have strong effects on the housing market. The paper presents a model with staggered housing adjustment in which monetary policy has real effects in the absence of any rigidity in producer pricing or wages. Limited participation in financial markets leads to a rise in the real mortgage rate following an increase in the nominal short rate. Since households must take on a mortgage to consume housing, the rise in the real interest rate reduces the share of residential investment in output.