Blar i Norges Banks vitenarkiv på forfatter "Lansing, Kevin J."
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Asset Pricing with Concentrated Ownership of Capital
Lansing, Kevin J. (Working Papers;18/2011, Working paper, 2011)This paper investigates how concentrated ownership of capital influences the pricing of risky assets in a production economy. The model is designed to approximate the skewed distribution of wealth and income in U.S. data. ... -
Explaining the Boom-Bust Cycle in the U.S. Housing Market: A Reverse-Engineering Approach
Gelain, Paolo; Lansing, Kevin J.; Natvik, Gisle James (Working Papers;11/2015, Working paper, 2015)We use a simple quantitative asset pricing model to "reverse-engineer" the sequences of stochastic shocks to housing demand and lending standards that are needed to exactly replicate the boom-bust patterns in U.S. household ... -
House Prices, Credit Growth, and Excess Volatility: Implications for Monetary and Macroprudential Policy
Gelain, Paolo; Lansing, Kevin J.; Mendicino, Caterina (Working Papers;8/2012, Working paper, 2012)Progress on the question of whether policymakers should respond directly to financial variables requires a realistic economic model that captures the links between asset prices, credit expansion, and real economic activity. ... -
House Prices, Expectations, and Time-Varying Fundamentals
Gelain, Paolo; Lansing, Kevin J. (Working Papers;5/2013, Working paper, 2013)We investigate the behavior of the equilibrium price-rent ratio for housing in a simple Lucas-type asset pricing model. We allow for time-varying risk aversion (via external habit formation) and time-varying persistence ... -
Leaning Against the Credit Cycle
Gelain, Paolo; Lansing, Kevin J.; Natvik, Gisle James (Working Papers;4/2015, Working paper, 2015)We study the interaction between monetary policy and household debt dynamics. To this end, we develop a dynamic stochastic general equilibrium model where household debt is amortized gradually, and only new loans are ... -
Top Incomes, Rising Inequality, and Welfare
Lansing, Kevin J.; Markiewicz, Agnieszka (Working Papers;10/2012, Working paper, 2012)This paper develops a general-equilibrium model of skill-biased technological change that approximates the observed shifts in the shares of wage and non-wage income going to the top decile of U.S. households since 1980. ...