Eleonora Granziera

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Staff Working Papers

Monetary Policy, Private Debt and Financial Stability Risks

Staff Working Paper 2016-59 Gregory Bauer, Eleonora Granziera
Can monetary policy be used to promote financial stability? We answer this question by estimating the impact of a monetary policy shock on private-sector leverage and the likelihood of a financial crisis. Impulse responses obtained from a panel VAR model of 18 advanced countries suggest that the debt-to-GDP ratio rises in the short run following an unexpected tightening in monetary policy.

House Price Dynamics: Fundamentals and Expectations

Staff Working Paper 2012-12 Eleonora Granziera, Sharon Kozicki
We investigate whether expectations that are not fully rational have the potential to explain the evolution of house prices and the price-to-rent ratio in the United States.