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@article{1600656, author = {Reichel, Vlastimil and Němec, Daniel and Chalmovianský, Jakub}, article_number = {4}, doi = {http://dx.doi.org/10.2478/danb-2019-0020}, keywords = {Housing Sector; Loan to Value Ratio; DSGE Model; Monetary Transmission Mechanism; Czech Republic}, language = {eng}, issn = {1804-6746}, journal = {DANUBE: Law, Economics and Social Issues Review}, title = {Loan to value ratio and monetary transmission mechanism}, url = {http://www.eaco.eu/danube-journal/archive/}, volume = {10}, year = {2019} }
TY - JOUR ID - 1600656 AU - Reichel, Vlastimil - Němec, Daniel - Chalmovianský, Jakub PY - 2019 TI - Loan to value ratio and monetary transmission mechanism JF - DANUBE: Law, Economics and Social Issues Review VL - 10 IS - 4 SP - 383-399 EP - 383-399 SN - 18046746 KW - Housing Sector KW - Loan to Value Ratio KW - DSGE Model KW - Monetary Transmission Mechanism KW - Czech Republic UR - http://www.eaco.eu/danube-journal/archive/ L2 - http://www.eaco.eu/danube-journal/archive/ N2 - Using a dynamic stochastic general equilibrium model (DSGE) with the housing sector, this paper evaluates the impact of housing collateral on the business cycle in the Czech economy. We devote special attention to the setting of the loan to value (LTV) ratio, which we believe plays an important role as a regulator of the monetary transmission mechanism. The impacts of LTV ratio are quantified by simulating the responses of alternative LTV level setting on key macroeconomic variables. Our simulations are based on an estimated DSGE model. Our approach allows us to understand better the responses of the real economy to the tightening of monetary policy moderated by different LTV levels. Our results show that higher loan to value ratios strengthen the effect of the monetary transmission mechanism to consumption and output. ER -
REICHEL, Vlastimil, Daniel NĚMEC a Jakub CHALMOVIANSKÝ. Loan to value ratio and monetary transmission mechanism. \textit{DANUBE: Law, Economics and Social Issues Review}. 2019, roč.~10, č.~4, s.~383-399. ISSN~1804-6746. doi:10.2478/danb-2019-0020.
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