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Modelling a Housing and Mortgage Crisis (Goodhart C. A., Tsomocos D. P., Vardoulakis A. P.)

Financial Crises Mortgage

Abstract The purpose of this paper is to explore financial instability in this case due to a housing crisis and defaults on mortgages. The model incorporates heterogeneous banks and households. Mortgages are secured by collateral, which is equal to the amount of housing which agents purchase. Individual default is spread through the economy via the interbank market. Several comparative statistics illustrate the directional effects of a variety of shocks in the economy.
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Libref/ Goodhart C. A., Tsomocos D. P., Vardoulakis A. P. (2009) “Modelling a Housing and Mortgage Crisis”, Central Bank of Chile Working Paper № 547, pp. 1-39
© Программирование — Александр Красильников, 2008
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