The paper presents a model analyzing links between the housing market, the financial system and the economy, and examines macroprudential policy based on that framework.
Japan’s Financial Services Agency research center published an English-language discussion paper as a research output by its research officials. The paper, titled “Construction of a model to analyze the relationship between the housing market and the financial system and economy, and analysis of macro-prudential policy based on the model,” focuses on how housing-market dynamics connect with the financial system and the broader economy, and uses that model to study macroprudential policy (financial stability policy for system-wide risks).