Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2018

We find that home affordability policy induces the marginal buyers to take home loans and they are more likely to be delinquent in subsequent payments. India government increased total income tax exemption limit by 50,000 INR (US $ 833) in July 2014. The sectional exemption limits for both the princ...
Keywords: homeownership subsidy, Fiscal Policy, income tax, mortgage delinquency, household financial mistakes
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Annual Conference

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Real Estate and Urban Economics

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May 2018

We provide robust evidence showing local information plays a significant role in local asset concentrations and return outperformance. Using a unique setting with significant cross-market information asymmetries and large sample of individual commercial property holdings, we find property portfolio ...
Keywords: Asset Concentration, Information asymmetry, Home Bias, Location, Real Estate Returns
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

This paper studies banks’ loan pricing behaviour in mainland China from 2003-2013 by applying panel regressions to firm-level loan data and estimated default likelihood for listed companies. We find that, with the progress of market-oriented financial reforms, banks generally require compensation ...
Keywords: Default Risk, Bank Loan Pricing, SOE, Non-SOE, China
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

Many studies estimate a shadow interest rate, which can be negative when the short-term rate is at the effective lower bound, and use it as the monetary policy indicator. This study proposes a novel method to estimate the shadow rate using survey forecasts of macroeconomic variables and allowing the...
Keywords: monetary policy, Effective Lower Bound, zero lower bound, Shadow Rate, Survey Forecasts
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

Every monetary policy decision by the Reserve Bank of New Zealand (RBNZ) is accompanied by a written statement about the state of the economy and the policy outlook, but only every second decision by a published interest rate forecast. We exploit this difference to study the relative influences of q...
Keywords: monetary policy, forward guidance, interest rate forecasts
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