Artikel

Out of Sync Subnational Housing Markets and Macroprudential Policies in the UK

We examine whether regionally differentiated macroprudential policies can address financial stability concerns and moderate house price differences in the UK. We disaggregate both the household sector and the housing stock in a two-region DSGE model with out of sync subnational housing markets and compare four policy types: standard monetary policy, leaning against the wind monetary policy, national macroprudential policy or one that targets region-specific LTV ratios. In terms of reducing variances of house prices, regionally differentiated macroprudential policy performs best, provided the policy authorities are concerned with stabilising output and house prices rather than simply minimising the variance of inflation.

Sprache
Englisch

Erschienen in
Journal: De Economist ; ISSN: 1572-9982 ; Volume: 169 ; Year: 2021 ; Issue: 4 ; Pages: 445-467 ; New York, NY: Springer US

Klassifikation
Wirtschaft
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
Monetary Policy
Central Banks and Their Policies
Thema
Macroprudential Policies
Housing
DSGE
Great Britain

Ereignis
Geistige Schöpfung
(wer)
Funke, Michael
Mihaylovski, Petar
Wende, Adrian
Ereignis
Veröffentlichung
(wer)
Springer US
(wo)
New York, NY
(wann)
2021

DOI
doi:10.1007/s10645-021-09394-1
Letzte Aktualisierung
20.09.2024, 08:22 MESZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Artikel

Beteiligte

  • Funke, Michael
  • Mihaylovski, Petar
  • Wende, Adrian
  • Springer US

Entstanden

  • 2021

Ähnliche Objekte (12)