| REICHEL, Vlastimil a Miroslav HLOUŠEK. Asymmetric behaviour of collateral constraint: applications on the Czech economy. In Martinčík, D., Ircingová, J., Janeček P.,. Proceedings of 33nd International Conference Mathematical Methods in Economics. Plzeň: University of West Bohemia, 2015, s. 707-712. ISBN 978-80-261-0539-8. |
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@inproceedings{1311136,
author = {Reichel, Vlastimil and Hloušek, Miroslav},
address = {Plzeň},
booktitle = {Proceedings of 33nd International Conference Mathematical Methods in Economics},
editor = {Martinčík, D., Ircingová, J., Janeček P.,},
keywords = {occasionally binding constraint; asymmetric behaviour; DSGE model; housing sector},
howpublished = {paměťový nosič},
language = {eng},
location = {Plzeň},
isbn = {978-80-261-0539-8},
pages = {707-712},
publisher = {University of West Bohemia},
title = {Asymmetric behaviour of collateral constraint: applications on the Czech economy},
url = {http://mme2015.zcu.cz/downloads/MME_2015_proceedings.pdf},
year = {2015}
}
TY - JOUR
ID - 1311136
AU - Reichel, Vlastimil - Hloušek, Miroslav
PY - 2015
TI - Asymmetric behaviour of collateral constraint: applications on the Czech economy
PB - University of West Bohemia
CY - Plzeň
SN - 9788026105398
KW - occasionally binding constraint
KW - asymmetric behaviour
KW - DSGE model
KW - housing sector
UR - http://mme2015.zcu.cz/downloads/MME_2015_proceedings.pdf
L2 - http://mme2015.zcu.cz/downloads/MME_2015_proceedings.pdf
N2 - This paper analyses influence of asymmetric behaviour of collateral constraint through the lens of the DSGE model with occasionally binding constraint on housing wealth. The Czech economy data show positive but asymmetric behaviour between housing prices and consumption. It can be explained by following mechanism. When the prices of houses fall, the housing wealth decreases, which decreases consumption substantially as constraint on borrowing is binding. On the other hand, rise in house prices increases housing wealth, the constraint becomes slack and consumption increases only slightly. Such mechanism is incorporated into DSGE model that is estimated on data of the Czech economy using Bayesian techniques. The results from model simulation show that the occasionally binding constraint is able to replicate asymmetric behaviour of house prices and consumption found in the data.
ER -
REICHEL, Vlastimil a Miroslav HLOUŠEK. Asymmetric behaviour of collateral constraint: applications on the Czech economy. In Martinčík, D., Ircingová, J., Janeček P.,. \textit{Proceedings of 33nd International Conference Mathematical Methods in Economics}. Plzeň: University of West Bohemia, 2015, s.~707-712. ISBN~978-80-261-0539-8.
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