Skip to main content
Top
Published in: Journal of Economic Interaction and Coordination 1/2019

05-02-2019 | Regular Article

Macroeconomic implications of mortgage loan requirements: an agent-based approach

Authors: Bulent Ozel, Reynold Christian Nathanael, Marco Raberto, Andrea Teglio, Silvano Cincotti

Published in: Journal of Economic Interaction and Coordination | Issue 1/2019

Log in

Activate our intelligent search to find suitable subject content or patents.

search-config
loading …

Abstract

It is a well-known fact that the housing market, with its associated mortgage securities, plays a crucial role in modern economies. The recent crisis of 2007, triggered by the U.S. real estate bubble, confirms this key role and suggests the importance of regulating mortgage lending. This paper investigates these issues by designing a housing market with a linked mortgage lending instrument in the Eurace agent-based model. Our results show that the presence of a housing market in the model has relevant macroeconomic implications, driven mainly by the additional amount of endogenous money injected into the economy by new mortgages. This additional money generally helps to support and stabilize aggregated demand, thus improving the main economic indicators. However, if the regulation of mortgage lending is too lax, involving an increase in the debt-service-to-income ratio (DSTI), then the additional supply of mortgages no longer enhances macroeconomic performance, and the stability of the economic system is undermined. Based on a number of recent discussions, a regulation of stock control that targets households’ net wealth (a stock), rather than income (a flow) is designed and analyzed. The results show that regulation of stock control can be combined effectively with DSTI to increase the stability of the housing market and the economy as a whole. Interestingly, the regulation based on stock control also directly affects mortgage distribution among households, avoiding excessive concentration. From a policy perspective, our results suggest that the use of a mild flow control regulation, coupled with a stricter stock control measure, fosters sustainable growth and eases first-time buyers access to the housing market, encouraging homeownership.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Appendix
Available only for authorised users
Footnotes
1
DSTI is often defined simply as the Debt-Service-Ratio (DSR).
 
2
The British parliament approved regulations granting powers to the Financial Policy Committee over housing tools, and specifically regulating residential mortgage lending using LTV and DTI ratios on March 25, 2015. These measures came into force on April 6, 2015.
 
3
See the speech entitled “The household debt ratio is an unsuitable risk measure - there are much better ones” delivered by Lars E.O. Svensson, a Resident Scholar at IMF (https://​larseosvensson.​se/​2014/​05/​19/​the-household-debt-ratio-is-an-unsuitable-risk-measure-there-are-much-better-ones/​).
 
4
A calendar month is defined as a set of 20 days; a calendar week is five days.
 
5
This provision is aimed smoothing the production plan over time and then reducing oscillations of input demand.
 
6
The Cobb-Douglas production function is used widely in economics literature and has been employed in the base Eurace model that we extended in this study. However, the Cobb-Douglas function has often been criticized for being theoretically weak and unrealistic [see Shaikh (1974) and Labini (1995) among the many]. Replacing the Cobb-Douglas production function with the Leontief or other production functions may possibly be considered for the Eurace model, along with a dedicated study on comparison of different production functions under an ABM simulation environment.
 
7
If available liquidity is not even sufficient to meet compulsory payments, i.e. debt service and taxes, then the firm enters a process called illiquidity bankruptcy, where the firm fires all workers and remains inactive until it is able to raise the necessary funds on the stock market.
 
8
In particular, each firm updates the value of its net worth, and if equity becomes negative, the firm is declared insolvent. In that case, it enters a special process called insolvency bankruptcy, where the firm fires all workers, undergoes debt restructuring with a related loan write-off and a corresponding equity loss on creditor banks’ balance sheets, and remains inactive for a period of time, after which it re-enters the market with a healthy balance sheet. Physical capital of insolvent firms is therefore not lost, but simply remains inactive for a while.
 
9
The reservation wage is set at the last received wage, and is then heterogeneous among households.
 
10
Unemployment benefit is set at a fraction \(\xi _U\) of the last salary received by the household.
 
11
The transfer payment is set at a fraction \(\xi _T\) of the average wage among households.
 
12
The liquid wealth is given liquidity plus the market value of the stocks and government bonds portfolio.
 
13
The number of public employees is set at a fixed percentage \(\xi _G\) of the total household population.
 
14
Tables 4 and 5 in the “Appendix” show a household’s income and its wealth.
 
15
Please note that in each boxplot shown in this paper, the line dividing each box into two halves is the median value, where each half corresponds to a quartile of the underlining distribution. The diamond-shaped point denotes the mean of the distribution. All observations from the entire runtime of each simulation seed are used to calculate the values that determine the shape of the boxplot, and hence the distribution of the variable observed.
 
16
See, for instance, the Bank of England Quarterly Bulletin 2014 Q1.
 
17
See (Muellbauer 2012). This demonstrates that housing wealth does not have a very strong impact on the consumption level. The study is based on data from developed countries.
 
18
Household consumption depends on a precautionary saving motivation, determined by a target ratio \(\omega _C\) of liquid wealth \(W_h\) to total net income \(y_h^{net}\) (see Eq. 5).
 
19
For a recent overview, see the box “Stylized Facts of Money” in ECB (2013).
 
Literature
go back to reference Anderson G, Bunn P, Pugh A, Uluc A (2014) The potential impact of higher interest rates on the household sector: evidence from the 2014 NMG Consulting survey. Bank England Q Bull 54(4):419–433 Anderson G, Bunn P, Pugh A, Uluc A (2014) The potential impact of higher interest rates on the household sector: evidence from the 2014 NMG Consulting survey. Bank England Q Bull 54(4):419–433
go back to reference Axtell R, Farmer D, Geanakoplos J, Carella E, Conlee B, Goldstein J, Hendrey M, Kalikman P, Masad D, Palmer N, Yang Cy (2014) An agent-based model of the housing market bubble in metropolitan Washington, DC Tech. rep., Deutsche bundesbank spring conferences on housing markets and the macroeconomy Axtell R, Farmer D, Geanakoplos J, Carella E, Conlee B, Goldstein J, Hendrey M, Kalikman P, Masad D, Palmer N, Yang Cy (2014) An agent-based model of the housing market bubble in metropolitan Washington, DC Tech. rep., Deutsche bundesbank spring conferences on housing markets and the macroeconomy
go back to reference Baffoe-Bonnie J (1998) The dynamic impact of macroeconomic aggregates on housing prices and stock of houses: a national and regional analysis. J Real Estate Finance Econ 17(2):179–197CrossRef Baffoe-Bonnie J (1998) The dynamic impact of macroeconomic aggregates on housing prices and stock of houses: a national and regional analysis. J Real Estate Finance Econ 17(2):179–197CrossRef
go back to reference Baptista R, Farmer JD, Hinterschweiger M, Low K, Tang D, Uluc A (2016) Macroprudential policy in an agent-based model of the UK housing market. Bank England, Staff Working Paper No 619, pp 1–50 Baptista R, Farmer JD, Hinterschweiger M, Low K, Tang D, Uluc A (2016) Macroprudential policy in an agent-based model of the UK housing market. Bank England, Staff Working Paper No 619, pp 1–50
go back to reference Battiston S, Farmer JD, Flache A, Garlaschelli D, Haldane AG, Heesterbeek H, Hommes C, Jaeger C, May R, Scheffer M (2016) Complexity theory and financial regulation. Science 351(6275):818–819CrossRef Battiston S, Farmer JD, Flache A, Garlaschelli D, Haldane AG, Heesterbeek H, Hommes C, Jaeger C, May R, Scheffer M (2016) Complexity theory and financial regulation. Science 351(6275):818–819CrossRef
go back to reference Benartzi S, Thaler RH (1995) Myopic loss aversion and the equity premium puzzle. Q J Econ 110(1):73–92CrossRef Benartzi S, Thaler RH (1995) Myopic loss aversion and the equity premium puzzle. Q J Econ 110(1):73–92CrossRef
go back to reference Bjarnason T, Erlingsson EJ, Ozel B, Stefansson H, Sturluson JT, Raberto M (2015) Macroeconomic effects of varied mortgage instruments studied using agent-based model simulations. Tech. rep., working papers 2017/10, Economics Department, Universitat Jaume I, Castellon (Spain) Bjarnason T, Erlingsson EJ, Ozel B, Stefansson H, Sturluson JT, Raberto M (2015) Macroeconomic effects of varied mortgage instruments studied using agent-based model simulations. Tech. rep., working papers 2017/10, Economics Department, Universitat Jaume I, Castellon (Spain)
go back to reference Blum J, Hellwig M (1995) The macroeconomic implications of capital adequacy requirements for banks. Eur Econ Rev 39(3):739–749CrossRef Blum J, Hellwig M (1995) The macroeconomic implications of capital adequacy requirements for banks. Eur Econ Rev 39(3):739–749CrossRef
go back to reference Borsch-Supan A (1994) Housing market regulations and housing market performance in the United States, Germany, and Japan. In: Social protection versus economic flexibility: is there a trade-off?, University of Chicago Press Borsch-Supan A (1994) Housing market regulations and housing market performance in the United States, Germany, and Japan. In: Social protection versus economic flexibility: is there a trade-off?, University of Chicago Press
go back to reference Bubb R, Krishnamurthy P (2015) Regulating against bubbles: how mortgage regulation can keep main street and wall street safe–from themselves. SSRN scholarly paper ID 2558110, Social Science Research Network, Rochester, NY Bubb R, Krishnamurthy P (2015) Regulating against bubbles: how mortgage regulation can keep main street and wall street safe–from themselves. SSRN scholarly paper ID 2558110, Social Science Research Network, Rochester, NY
go back to reference Carroll CD (2001) A theory of the consumption function, with and without liquidity constraints. J Econ Perspect 15(3):23–45CrossRef Carroll CD (2001) A theory of the consumption function, with and without liquidity constraints. J Econ Perspect 15(3):23–45CrossRef
go back to reference Case KE, Glaeser EL, Quigley JM (eds) (2009) Housing markets and the economy: risk, regulation, and policy: essays in honor of Karl E. Case. Lincoln Institute of Land Policy, Cambridge, MA Case KE, Glaeser EL, Quigley JM (eds) (2009) Housing markets and the economy: risk, regulation, and policy: essays in honor of Karl E. Case. Lincoln Institute of Land Policy, Cambridge, MA
go back to reference Catte P, Girouard N, Price R, André C (2005) The contribution of housing markets to cyclical resilience. OECD Econ Stud 2004(1):125–156CrossRef Catte P, Girouard N, Price R, André C (2005) The contribution of housing markets to cyclical resilience. OECD Econ Stud 2004(1):125–156CrossRef
go back to reference Caverzasi E, Godin A (2015) Post-keynesian stock-flow-consistent modelling: a survey. Camb J Econ 39(1):157–187CrossRef Caverzasi E, Godin A (2015) Post-keynesian stock-flow-consistent modelling: a survey. Camb J Econ 39(1):157–187CrossRef
go back to reference Cincotti S, Raberto M, Teglio A (2010) Credit money and macroeconomic instability in the agent-based model and simulator Eurace. Econ Op Access Op Assess E-J 4(2010-26):1–32 Cincotti S, Raberto M, Teglio A (2010) Credit money and macroeconomic instability in the agent-based model and simulator Eurace. Econ Op Access Op Assess E-J 4(2010-26):1–32
go back to reference Dagher J, Fu N (2011) What fuels the boom drives the bust; regulation and the mortgage crisis. IMF working paper 11/215, international monetary fund Dagher J, Fu N (2011) What fuels the boom drives the bust; regulation and the mortgage crisis. IMF working paper 11/215, international monetary fund
go back to reference Dawid H, Gemkow S, Harting P, Kabus K, Neugart M, Wersching K (2008) Skills, innovation, and growth: an agent-based policy analysis. J Econ Stat 228(2+3):251–275 Dawid H, Gemkow S, Harting P, Kabus K, Neugart M, Wersching K (2008) Skills, innovation, and growth: an agent-based policy analysis. J Econ Stat 228(2+3):251–275
go back to reference Deaton A (1992) Household saving in ldcs: credit markets, insurance and welfare. Scand J Econ 94(2):253–273CrossRef Deaton A (1992) Household saving in ldcs: credit markets, insurance and welfare. Scand J Econ 94(2):253–273CrossRef
go back to reference Deloitte (2014) Property index overview of European residential markets: European housing 2013. Tech. rep., Deloitte Real Estate. 3rd edn Deloitte (2014) Property index overview of European residential markets: European housing 2013. Tech. rep., Deloitte Real Estate. 3rd edn
go back to reference Dubecq S, Ghattassi I (2009) Consumption-wealth ratio and housing returns. Tech. Rep. 264, Banque de France Dubecq S, Ghattassi I (2009) Consumption-wealth ratio and housing returns. Tech. Rep. 264, Banque de France
go back to reference ECB (2013) Monthly Bulletin October, 2013. Tech. Rep. ISSN 1725-2822, European Central Bank ECB (2013) Monthly Bulletin October, 2013. Tech. Rep. ISSN 1725-2822, European Central Bank
go back to reference Erlingsson EJ, Teglio A, Cincotti S, Stefansson H, Sturluson JT, Raberto M (2014) Housing market bubbles and business cycles in an agent-based credit economy. Econ Op Access Op Assess E-J 8(2014-8):1–42 Erlingsson EJ, Teglio A, Cincotti S, Stefansson H, Sturluson JT, Raberto M (2014) Housing market bubbles and business cycles in an agent-based credit economy. Econ Op Access Op Assess E-J 8(2014-8):1–42
go back to reference Erlingsson EJ, Ozel B, Teglio A, Stefansson H, Sturluson JT, Raberto M (2016) Wealth and income inequality dynamics andcredit rationing: an agent-based approach. Tech. rep., Universitat Jaume I Erlingsson EJ, Ozel B, Teglio A, Stefansson H, Sturluson JT, Raberto M (2016) Wealth and income inequality dynamics andcredit rationing: an agent-based approach. Tech. rep., Universitat Jaume I
go back to reference FI (2014) The swedish mortgage market 2014. Tech. rep, FinansInspektionen Mortgage Survey FI (2014) The swedish mortgage market 2014. Tech. rep, FinansInspektionen Mortgage Survey
go back to reference FSA (2011) Mortgage Market Review: Proposed package of reforms. Tech. rep., The Financial Services Authority FSA (2011) Mortgage Market Review: Proposed package of reforms. Tech. rep., The Financial Services Authority
go back to reference Gallegati M, Greenwald B, Richiardi MG, Stiglitz EJ (2008) The asymmetric effect of diffusion processes: risk sharing and contagion. Glob Econ J 8(3) Gallegati M, Greenwald B, Richiardi MG, Stiglitz EJ (2008) The asymmetric effect of diffusion processes: risk sharing and contagion. Glob Econ J 8(3)
go back to reference Gareth A, Philip B, Pugh A (2014) Uluc A (2014) The potential impact of higher interest rates on the household sector: evidence from the 2014 NMG consulting survey. Bank of England Q Bull Q4:419–433 Gareth A, Philip B, Pugh A (2014) Uluc A (2014) The potential impact of higher interest rates on the household sector: evidence from the 2014 NMG consulting survey. Bank of England Q Bull Q4:419–433
go back to reference Ge J (2014) Who creates housing bubbles? An agent-based study. In: Alam SJ, Parunak HVD (eds) Multi-agent-based simulation XIV, vol 8235. Springer, Berlin, pp 143–150CrossRef Ge J (2014) Who creates housing bubbles? An agent-based study. In: Alam SJ, Parunak HVD (eds) Multi-agent-based simulation XIV, vol 8235. Springer, Berlin, pp 143–150CrossRef
go back to reference Gharaie E, Blismas N, Wakeield R (2012) Little’s law for the US house building industry. In: Tommelein ID, Pasquire CL (eds) 20th annual conference of the international group for lean construction. San Diego, USA Gharaie E, Blismas N, Wakeield R (2012) Little’s law for the US house building industry. In: Tommelein ID, Pasquire CL (eds) 20th annual conference of the international group for lean construction. San Diego, USA
go back to reference Gilbert N, Howksworth JC, Swinney PA (2009) An agent-based model of the English housing market. Technosocial Predictive Analytics, Papers from the 2009 AAAI Spring Symposium, Technical Report SS-09-09, Stanford, California, USA Gilbert N, Howksworth JC, Swinney PA (2009) An agent-based model of the English housing market. Technosocial Predictive Analytics, Papers from the 2009 AAAI Spring Symposium, Technical Report SS-09-09, Stanford, California, USA
go back to reference Kydland FE, Rupert P, Sustek R (2012) Housing dynamics over the business cycle. NBER working paper 18432, National Bureau of Economic Research, Inc Kydland FE, Rupert P, Sustek R (2012) Housing dynamics over the business cycle. NBER working paper 18432, National Bureau of Economic Research, Inc
go back to reference Levin EJ, Wright RE (1997) The impact of speculation on house prices in the united kingdom. Econ Model 14(4):567–585CrossRef Levin EJ, Wright RE (1997) The impact of speculation on house prices in the united kingdom. Econ Model 14(4):567–585CrossRef
go back to reference Meh CA, Terajima Y, Chen DX, Carter T (2009a) Household debt, assets, and income in canada: a microdata study. Tech. Rep. 2009-7, Bank of Canada Meh CA, Terajima Y, Chen DX, Carter T (2009a) Household debt, assets, and income in canada: a microdata study. Tech. Rep. 2009-7, Bank of Canada
go back to reference Meh CA, Terajime Y, Chen DX, Carter T (2009b) Household debt, assets, and income in canada: a microdata study. Tech. Rep. ISSN 1914-0558, Bank of Canada Meh CA, Terajime Y, Chen DX, Carter T (2009b) Household debt, assets, and income in canada: a microdata study. Tech. Rep. ISSN 1914-0558, Bank of Canada
go back to reference Muellbauer J (2012) When is a housing market overheated enough to threaten stability? Tech. Rep. 623, University of Oxford, Department of Economics, discussion paper series Muellbauer J (2012) When is a housing market overheated enough to threaten stability? Tech. Rep. 623, University of Oxford, Department of Economics, discussion paper series
go back to reference Muellbauer J, Murphy A (2008) Housing markets and the economy: the assessment. Oxford Rev Econ Policy 24(1):1–33CrossRef Muellbauer J, Murphy A (2008) Housing markets and the economy: the assessment. Oxford Rev Econ Policy 24(1):1–33CrossRef
go back to reference Raberto M, Teglio A, Cincotti S (2008) Prospect theory behavioral assumptions in an artificial financial economy. In: Schredelseker K (ed) Complexity and artificial markets. Lecture Notes in Economics and Mathematical Systems, vol 614, pp 55–66. Springer Raberto M, Teglio A, Cincotti S (2008) Prospect theory behavioral assumptions in an artificial financial economy. In: Schredelseker K (ed) Complexity and artificial markets. Lecture Notes in Economics and Mathematical Systems, vol 614, pp 55–66. Springer
go back to reference Raberto M, Teglio A, Cincotti S (2012) Debt deleveraging and business cycles. An agent-based perspective. Econ Op Access, Op Assess E-J 6(2012-27):1–49 Raberto M, Teglio A, Cincotti S (2012) Debt deleveraging and business cycles. An agent-based perspective. Econ Op Access, Op Assess E-J 6(2012-27):1–49
go back to reference Richiardi M (2015) The future of agent-based modelling. Economics papers, economics group, Nuffield College, University of Oxford No 2015-W06 Richiardi M (2015) The future of agent-based modelling. Economics papers, economics group, Nuffield College, University of Oxford No 2015-W06
go back to reference Rossi P (2008) L’offerta di mutui alle famiglie: caratteristiche, evoluzione e differenze territoriali. I risultati di un’indagine campionaria. Questioni di Economia e Finanza 13:1–28 Rossi P (2008) L’offerta di mutui alle famiglie: caratteristiche, evoluzione e differenze territoriali. I risultati di un’indagine campionaria. Questioni di Economia e Finanza 13:1–28
go back to reference Santos JA (2001) Bank capital regulation in contemporary banking theory: a review of the literature. Financ Mark Inst Instrum 10(2):41–84CrossRef Santos JA (2001) Bank capital regulation in contemporary banking theory: a review of the literature. Financ Mark Inst Instrum 10(2):41–84CrossRef
go back to reference Saunders A, Allen L (2010) Credit risk measurement in and out of the financial crisis. Wiley, HobokenCrossRef Saunders A, Allen L (2010) Credit risk measurement in and out of the financial crisis. Wiley, HobokenCrossRef
go back to reference Shaikh A (1974) Laws of production and laws of algebra: the humbug production function. Rev Econ Stat 56(1):115–120CrossRef Shaikh A (1974) Laws of production and laws of algebra: the humbug production function. Rev Econ Stat 56(1):115–120CrossRef
go back to reference Skingsley C (2007) Households’ debt under microscope. Sabos finansdag, Operaterrassen, Stockholm Skingsley C (2007) Households’ debt under microscope. Sabos finansdag, Operaterrassen, Stockholm
go back to reference Stiglitz JE (1997) The role of government in the economies of developing countries. In: Keynote address to the annual world bank conference on development economics. The World Bank, Washington, DC Stiglitz JE (1997) The role of government in the economies of developing countries. In: Keynote address to the annual world bank conference on development economics. The World Bank, Washington, DC
go back to reference Svensson LE (2014b) Resilience, debt, and net worth: has resilience increased with higher debt-to-income ratios? Tech. rep., The Institute for International Economic Studies, Stockholm University Svensson LE (2014b) Resilience, debt, and net worth: has resilience increased with higher debt-to-income ratios? Tech. rep., The Institute for International Economic Studies, Stockholm University
go back to reference Taylor JB (1993) Discretion versus policy rule in practice. J Monet Econ 39:195–214 Taylor JB (1993) Discretion versus policy rule in practice. J Monet Econ 39:195–214
go back to reference Teglio A, Raberto M, Cincotti S (2010) Balance sheet approach to agent-based computational economics: the Eurace project. In: Combining soft computing and statistical methods in data analysis, advances in intelligent and soft computing, vol 77. Springer, Berlin, pp 603–610 Teglio A, Raberto M, Cincotti S (2010) Balance sheet approach to agent-based computational economics: the Eurace project. In: Combining soft computing and statistical methods in data analysis, advances in intelligent and soft computing, vol 77. Springer, Berlin, pp 603–610
go back to reference Teglio A, Raberto M, Cincotti S (2012) The impact of banks’ capital adequacy regulation on the economic system: an agent-based approach. Adv Complex Syst 15(supp02):1250,040CrossRef Teglio A, Raberto M, Cincotti S (2012) The impact of banks’ capital adequacy regulation on the economic system: an agent-based approach. Adv Complex Syst 15(supp02):1250,040CrossRef
go back to reference Tesfatsion L (2003) Agent-based computational economics: modeling economies as complex adaptive systems. Inf Sci 149(4):262–268CrossRef Tesfatsion L (2003) Agent-based computational economics: modeling economies as complex adaptive systems. Inf Sci 149(4):262–268CrossRef
go back to reference Tesfatsion L, Judd K (2006) Agent-based computational economics, handbook of computational economics, vol 2. North Holland Tesfatsion L, Judd K (2006) Agent-based computational economics, handbook of computational economics, vol 2. North Holland
go back to reference Tibaijuka A (2013) Building prosperity: housing and economic development. Routledge, AbingdonCrossRef Tibaijuka A (2013) Building prosperity: housing and economic development. Routledge, AbingdonCrossRef
go back to reference Yeh A, Twaddle J, Frith M (2005) Basel II: a new capital framework. Tech. rep., Reserve Bank of New Zealand: Bulletin, vol. 68, no. 3 Yeh A, Twaddle J, Frith M (2005) Basel II: a new capital framework. Tech. rep., Reserve Bank of New Zealand: Bulletin, vol. 68, no. 3
Metadata
Title
Macroeconomic implications of mortgage loan requirements: an agent-based approach
Authors
Bulent Ozel
Reynold Christian Nathanael
Marco Raberto
Andrea Teglio
Silvano Cincotti
Publication date
05-02-2019
Publisher
Springer Berlin Heidelberg
Published in
Journal of Economic Interaction and Coordination / Issue 1/2019
Print ISSN: 1860-711X
Electronic ISSN: 1860-7128
DOI
https://doi.org/10.1007/s11403-019-00238-5

Other articles of this Issue 1/2019

Journal of Economic Interaction and Coordination 1/2019 Go to the issue