MoNK: Mortgages in a New-Keynesian Model

Carlos Garriga (), Finn Kydland and Roman Sustek

No 26427, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: There has been much interest recently in the role of household long-term, mortgage, debt in the transmission of monetary policy. This paper offers a tractable framework that integrates the long-term debt channel with the standard New-Keynesian channel, providing a tool for monetary policy analysis that reflects the recent debates in the literature. As the model includes both short- and long-term debt, it provides a useful laboratory for the analysis of monetary policy operating not only through short-term actions, as has been done traditionally in the literature, but also through expected, persistent, changes in its stance.

JEL-codes: E52 G21 R21 (search for similar items in EconPapers)
Date: 2019-11
New Economics Papers: this item is included in nep-mac
Note: EFG ME
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Citations: View citations in EconPapers (5)

Published as Garriga, Carlos & Kydland, Finn E. & Šustek, Roman, 2021. "MoNK: Mortgages in a New-Keynesian model," Journal of Economic Dynamics and Control, Elsevier, vol. 123(C).

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Related works:
Journal Article: MoNK: Mortgages in a New-Keynesian model (2021)
Working Paper: MoNK: Mortgages in a New-Keynesian Model (2019)
Working Paper: MoNK: Mortgages in a New-Keynesian Model (2019)
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