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Titel
The Dynamic Impact of Monetary Policy on Regional Housing Prices in the United States
VerfasserFischer, Manfred M. ; Huber, Florian ; Pfarrhofer, Michael ; StauferSteinnocher, Petra
Erschienen in
Real Estate Economics, Hoboken, 2019, Jg. 2019, S. 1-30
ErschienenHoboken : Wiley, 2019
SpracheEnglisch
DokumenttypAufsatz in einer Zeitschrift
URNurn:nbn:at:at-ubs:3-11732 Persistent Identifier (URN)
DOI10.1111/1540-6229.12274 
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 Das Werk ist frei verfügbar
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The Dynamic Impact of Monetary Policy on Regional Housing Prices in the United States [3.89 mb]
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Zusammenfassung (Englisch)

This article uses a factoraugmented vector autoregressive model to examine the impact of monetary policy shocks on housing prices. To simultaneously estimate the model parameters and unobserved factors, we rely on Bayesian estimation and inference. Policy shocks are identified using highfrequency surprises around policy announcements as an external instrument. Impulse response functions reveal differences in regional housing price responses, which in some cases are substantial. The heterogeneity in policy responses is found to be significantly related to local regulatory environments and housing supply elasticities. Moreover, housing prices responses tend to be similar within states and adjacent regions in neighboring states.

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CC-BY-Lizenz (4.0)Creative Commons Namensnennung 4.0 International Lizenz