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Speech
Demographics, redistribution, and optimal inflation
Garriga, Carlos; Bullard, James B.; Waller, Christopher J. (2012)
May 30, 2012. "Demographics, Redistribution, and Optimal Inflation," with Carlos Garriga and Christopher J. Waller. Presented by Christopher Waller at the 2012 BOJ-IMES Conference Demographic Changes and Macroeconomic Performance.
Speech , Paper 200

Journal Article
Where is the slack in the labor market?
Garriga, Carlos (2014)
Current slack in the economy may be caused primarily by the construction sector.
Economic Synopses , Issue 13

Journal Article
Boom & gloom in housing markets: the sequel
Garriga, Carlos (2008-05)
National Economic Trends , Issue May

Ready for the Pandemic? Household Debt before the COVID-19 Shock
Famiglietti, Matthew; Garriga, Carlos (2020-05-13)
Before the pandemic, shares of delinquencies had already been growing in consumer finance loans, credit card debt, student loans and auto loans. And delinquencies can vary greatly among states.
On the Economy

Journal Article
The Homeownership Experience of Minorities During the Great Recession
Ricketts, Lowell R.; Garriga, Carlos; Schlagenhauf, Don E. (2017)
It has been argued that during the Great Recession, wealth losses were more concentrated for college-educated Black and Hispanic families than for White and Asian college-educated families and their non-college-educated Black and Hispanic peers. This article explores the extent to which the homeownership experience for families who purchased homes between 2004 and 2008 is a potentially important factor in explaining this finding. During the housing boom, the increase in homeownership for Blacks and Hispanics was very similar, but the second group had a smaller decline. Despite these ...
Review , Volume 99 , Issue 1 , Pages 139-167

Working Paper
Nominal rigidities in debt and product markets
Kydland, Finn E.; Šustek, Roman; Garriga, Carlos (2016-08-23)
Standard models used for monetary policy analysis rely on sticky prices. Recently, the literature started to explore also nominal debt contracts. Focusing on mortgages, this paper compares the two channels of transmission within a common framework. The sticky price channel is dominant when shocks to the policy interest rate are temporary, the mortgage channel is important when the shocks are persistent. The first channel has significant aggregate effects but small redistributive effects. The opposite holds for the second channel. Using yield curve data decomposed into temporary and persistent ...
Working Papers , Paper 2016-17

Report
Identifying "Tipping Points" in Consumer Liabilities Using High-Frequency Data
Ricketts, Lowell R.; Garriga, Carlos; Schlagenhauf, Don E. (2016-10-19)
The concept of a "tipping point" captures the idea of a threshold where debt is no longer sustainable and becomes a drag on household financial well-being. In the most severe cases, a "tipping point" represents the point at which a household experiences a debt default. This paper constructs different measures based on the dynamics of the monthly debt payment to after-tax income ratio. The preliminary examination using data from the Credit Risk Insight Servicing McDash (CRISM) dataset suggests that some of these measures have some predictive content when compared to alternative risk measures ...
Community Development Publications and Reports

Working Paper
Mortgages and monetary policy
Kydland, Finn E.; Šustek, Roman; Garriga, Carlos (2013)
Mortgages are long-term nominal loans. Under incomplete asset markets, monetary policy is shown to affect housing investment and the economy through the cost of new mortgage borrowing and the value of payments on outstanding debt. These channels, distinct from traditional transmission of monetary policy, are evaluated within a general equilibrium model. Persistent monetary policy shocks, resembling the level factor in the nominal yield curve, have larger effects than transitory shocks, manifesting themselves as long-short spread. The transmission is stronger under adjustable- than fixed-rate ...
Working Papers , Paper 2013-37

Working Paper
Rural-Urban Migration, Structural Transformation, and Housing Markets in China
Tang, Yang; Garriga, Carlos; Wang, Ping (2014-10-01)
This paper explores the contribution of the structural transformation and urbanization process in the housing market in China. City migration flows combined with an inelastic land supply, due to entry restrictions, has raised house prices. This issue is examined using a multi-sector dynamic general-equilibrium model with migration and housing market. Our quantitative findings suggest that this process accounts for about 80 percent of urban housing prices. This mechanism remains valid in an extension calibrated to the two largest cities where housing booms have been particularly noticeable. ...
Working Papers , Paper 2014-28

Working Paper
Mortgages and Monetary Policy
Kydland, Finn E.; Šustek, Roman; Garriga, Carlos (2015-10-25)
Mortgages are long-term loans with nominal payments. Consequently, under incomplete asset markets, monetary policy can affect housing investment and the economy through the cost of new mortgage borrowing and real payments on outstanding debt. These channels, distinct from traditional real rate channels, are embedded in a general equilibrium model. The transmission mechanism is found to be stronger under adjustable- than fixed-rate mortgages. Further, monetary policy shocks affecting the level of the nominal yield curve have larger real effects than transitory shocks, affecting its slope. ...
Working Papers , Paper 2015-33

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