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Annual Conference

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Real Estate and Urban Economics

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May 2024

The Spillover Effects of Real Estate

Kaiji CHEN, Huancheng DU, Chang MA
We examine the spillover effects of the “Three-Red Lines” policy, a Chinese regulatory measure in 2020 that imposed leverage reduction requirements on the real estate sector. Using a firm-level exposure measure, we find that higher exposure to the real estate sector leads to more pronounced adve...
Keywords: Spillover, Real Estate, Production Network, Trade Credit
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Annual Conference

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Household Finance

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May 2023

A Housing Portfolio Channel of QE Transmission

Dominik BODDIN, Daniel Marcel TE KAAT, Chang MA, Alessandro REBUCCI
We document and quantify a housing portfolio channel of quantitative easing (QE) transmission. We identify this channel using household-level and regional data from Germany. We show that QE induces households with larger initial bond holdings to rebalance more their portfolios toward housing and par...
Keywords: Asset Market Segmentation, Buy-to-let, Germany, Housing Returns, Household Portfolio Rebalancing, Quantitative Easing, Rental Yields.
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2023

Foreign Reserves and Capital Controls: Role of Financial Development

Chang MA, Hidehiko MATSUMOTO
This paper develops a small-open-economy model to study optimal capital controls and foreign reserve policy. Private agents hold reserves to prepare for a liquidity shock that requires them to repay a part of outstanding foreign debt before new borrowing. A firesale externality associated with asset...
Keywords: capital controls, Foreign Reserves, Sudden Stops, Liquidity Crisis
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2022

A Household Housing Portfolio Channel of QE Transmission

Alessandro REBUCCI, Chang MA, Dominik BODDIN, Daniel Marcel TE KAAT
We propose a household housing portfolio channel of quantitative easing (QE) transmission. QE induces households to rebalance portfolios from bonds to houses, lowering their expected future returns and thus stimulating consumption and output. We document this channel using both regional and househol...
Keywords: Asset Market Segmentation, Buy-to-let, Germany, Housing Returns, Household Portfolio Rebalancing, Qu
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Annual Conference

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Real Estate and Urban Economics

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May 2019

Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms

Alessandro REBUCCI, Peter BEDNAREK, Daniel Marcel TE KAAT, Chang MA
We study how capital flows affects German cities’ GDP growth depending on the state of their real estate markets. Identification exploits a policy framework assigning refugees to cities on a quasi-random basis and variation in nondevelopable area for the construction of an exposure measure to real...
Keywords: Cross-border flows, capital flows, Collateral, City Business Cycles, Credit, Germany, GIPS Spread, Real estate, tangible assets
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