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HousePrices,BorrowingConstraintsandMonetaryPolicyintheBusinessCycleMatteoIacoviello∗BostonCollegeDecember3,2004AbstractIdevelopandestimateamonetarybusinesscyclemodelwithnominalloansandcollateralconstraintstiedtohousingvalues.Demandshocksmovetogetherhousingandnominalprices,andareamplifiedandpropagatedovertime.Thefinancialacceleratorisnotuniform:nominaldebtdampenssupplyshocks,stabilizingtheeconomyunderinterestratecontrol.Structuralestimationsupportstwokeymodelfeatures:collateraleffectsdramaticallyimprovetheresponseofaggregatedemandtohousepricesshocks;nominaldebtimprovesthesluggishresponseofoutputtoinflationsurprises.Finally,policyevaluationconsiderstheroleofhousepricesanddebtindexationinaffectingmonetarypolicytrade-offs.(JELE31,E32,E44,E52,R21)∗DepartmentofEconomics,BostonCollege,ChestnutHill,MA02467,USA(email:iacoviel@bc.edu).IamdeeplyindebtedtomyPh.D.advisorattheLondonSchoolofEconomics,NobuhiroKiyotaki,forhiscontinuoushelpandinvaluableadvice.IthankFabioCanova,RaffaellaGiacomini,ChristopherHouse,PeterIreland,RaoulMinetti,FrançoisOrtalo-Magné,MarinaPavan,ChristopherPissarides,FabioSchiantarelli,twoanonymousrefereesandseminarparticipantsattheBankofEngland,BostonCollege,theEuropeanCentralBank,theEnteLuigiEinaudi,theFederalReserveBankofNewYork,theFederalReserveBankofSt.Louis,theLondonSchoolofEconomics,theNBERMonetaryEconomicsMeetingandNortheasternUniversityfortheirhelpfulcommentsonvariousversionsofthiswork.ViktorsStebunovsprovidedsuperbresearchassistance.“Thepopulationisnotdistributedbetweendebtorsandcreditorsrandomly.Debtorshaveborrowedforgoodreasons,mostofwhichindicateahighmarginalpropensitytospendfromwealthorfromcurrentincomeorfromanyotherliquidresourcestheycancommand.Typicallytheirindebtednessisrationedbylenders[...].Businessborrowerstypicallyhaveastrongpropensitytoholdphysicalcapital[...].Theirdesiredportfolioscontainmorecapitalthantheirnetworth[...].Householddebtorsarefrequentlyyoungfamiliesacquiringhomesandfurnishingsbefor
