Arbeitspapier
Monetary policy and real estate prices: A disaggregated analysis for Switzerland
Most empirical studies found that monetary policy has a significant effect on house prices while stock markets remain unaffected by interest rate shocks. In this paper we conduct a more detailed analysis by studying various sub-segments of the real estate market. Employing a new dataset for Switzerland we estimate vector autoregressive models and find substitution effects between house and apartment prices on the one hand and rental prices on the other. Interestingly enough, commercial property prices do not react on interest rate variations.
- Language
-
Englisch
- Bibliographic citation
-
Series: Diskussionspapier ; No. 105
- Classification
-
Wirtschaft
Interest Rates: Determination, Term Structure, and Effects
Monetary Policy
Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
- Subject
-
Monetary policy
interest rate shocks
real estate
stock market
Geldpolitik
Zinspolitik
Wirkungsanalyse
Immobilienpreis
Miete
VAR-Modell
Schätzung
Schweiz
- Event
-
Geistige Schöpfung
- (who)
-
Berlemann, Michael
Freese, Julia
- Event
-
Veröffentlichung
- (who)
-
Helmut-Schmidt-Universität - Universität der Bundeswehr Hamburg, Fächergruppe Volkswirtschaftslehre
- (where)
-
Hamburg
- (when)
-
2010
- Handle
- URN
-
urn:nbn:de:gbv:705-opus-270940
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Berlemann, Michael
- Freese, Julia
- Helmut-Schmidt-Universität - Universität der Bundeswehr Hamburg, Fächergruppe Volkswirtschaftslehre
Time of origin
- 2010
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