On 28th November OxTalks will move to the new Halo platform and will become 'Oxford Events' (full details are available on the Staff Gateway).
There will be an OxTalks freeze beginning on Friday 14th November. This means you will need to publish any of your known events to OxTalks by then as there will be no facility to publish or edit events in that fortnight. During the freeze, all events will be migrated to the new Oxford Events site. It will still be possible to view events on OxTalks during this time.
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This paper studies the role of real estate wealth concentration for the macroeconomic impact of governments inducing banks to hold domestic sovereign debt. We build a model featuring housing, heterogeneous agents and banks optimizing their portfolio subject to financial frictions. A moral suasion shock, shifting banks’ assets from mortgages to bonds, lowers public borrowing costs while increasing private ones, crowding out household lending and increasing inequality. Real estate wealth concentration, affecting banks deposits, amplifies this effect. A hypothetical regulation limiting banks’ exposure to sovereign bonds reverses the adverse impact of moral suasion on private lending and inequality.
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