Monetary Policy and the House Price Boom across U.S. States

2005 ◽  
Author(s):  
Marco Del Negro ◽  
Christopher Mark Otrok
Keyword(s):  
Monetary Policy ◽  
House Price ◽  
Price Boom

99 Luftballons: Monetary policy and the house price boom across U.S. states

2007 ◽  
Vol 54 (7) ◽  
pp. 1962-1985 ◽  
Author(s):  
Marco Del Negro ◽  
Christopher Otrok
Keyword(s):  
Monetary Policy ◽  
House Price ◽  
Price Boom

scholarly journals Money and credit during normal times and house price booms: evidence from time-frequency analysis

Empirica ◽  
2019 ◽  
Vol 47 (4) ◽  
pp. 835-861
Author(s):  
Maciej Ryczkowski
Keyword(s):  
Great Recession ◽  
House Prices ◽  
House Price ◽  
Industrialized Countries ◽  
Time Frequency ◽  
The Great Recession ◽  
Time Period ◽  
Price Boom ◽  
The Us ◽  
Short Run

Abstract I analyse the link between money and credit for twelve industrialized countries in the time period from 1970 to 2016. The euro area and Commonwealth Countries have rather strong co-movements between money and credit at longer frequencies. Denmark and Switzerland show weak and episodic effects. Scandinavian countries and the US are somewhere in between. I find strong and significant longer run co-movements especially around booming house prices for all of the sample countries. The analysis suggests the expansionary policy that cleans up after the burst of a bubble may exacerbate the risk of a new house price boom. The interrelation is hidden in the short run, because the co-movements are then rarely statistically significant. According to the wavelet evidence, developments of money and credit since the Great Recession or their decoupling in Japan suggest that it is more appropriate to examine the two variables separately in some circumstances.

scholarly journals Learning About Housing Cost: Survey Evidence from the German House Price Boom

2021 ◽  
Author(s):  
Fabian Kindermann ◽  
Monika Piazzesi ◽  
Martin Schneider ◽  
Julia Le Blanc
Keyword(s):  
House Price ◽  
Housing Cost ◽  
Price Boom

Three essays on China's housing market, monetary policy and macroeconomy

2019 ◽  
Author(s):  
◽  
Yifeng Jia
Keyword(s):  
Monetary Policy ◽  
Housing Market ◽  
Negative Impact ◽  
House Price ◽  
Housing Price ◽  
Policy Instruments ◽  
Heterogeneous Effects ◽  
Price Appreciation ◽  
Economic Stimulus ◽  
Monetary Policy Shock

[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT REQUEST OF AUTHOR.] This dissertation studies China's housing market and macroeconomic activity with a strong focus on the role of monetary policy behind the markets. The first two chapters concentrate on the house price dynamics in China. Chapter 1 examines the in influence of monetary policy on China's housing price fluctuation by estimating a VAR model with China's aggregated house price data from 1998Q1 to 2015Q4. The monetary policy shock is identify ed by the sign restriction approach following Uhlig (2005), with the identification assumptions extended to three common policy instruments utilized by the central bank of China: interest rate, required reserve ratio and M2. The results suggest a negative impact of a contractionary monetary policy shock on the house price, and M2 tends to be the most effective monetary instruments in terms of policy transmission. The framework is also extended to examine the link between China's 2008 government economic stimulus plan and the subsequent house price appreciation. The obtained evidence suggests that the economic stimulus props up the house price, but its contribution to the post-2008 house price appreciation is not as prominent as indicated by other relevant studies. However, this discrepancy may be explained by the heterogeneous effects of the stimulus policy on local housing markets across China

Monetary policy transmission in a model with animal spirits and house price booms and busts

2013 ◽  
Vol 37 (12) ◽  
pp. 2862-2881 ◽  
Author(s):  
Peter Bofinger ◽  
Sebastian Debes ◽  
Johannes Gareis ◽  
Eric Mayer
Keyword(s):  
Monetary Policy ◽  
House Price ◽  
Monetary Policy Transmission ◽  
Animal Spirits ◽  
Policy Transmission
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