Artikel
Conventional and unconventional monetary policies: Effects on the Finnish housing market
This paper investigates how different types of monetary policy have affected house prices in Finland, a small euro area economy that has experienced pronounced business cycles over time. The analyses are carried out using the Bayesian structural vector autoregressive approach. Monetary policy interest rate shocks and balance sheet shocks are identified using zero and sign restrictions. The results reveal that both a policy interest rate shock and a balance sheet shock have a positive and temporary impact on house prices in Finland, with the response to a balance sheet shock being smaller and fading out faster. The peak of the effect of a policy rate shock on house prices in Finland arrives faster than in the whole euro area but the magnitudes of the peak impact are similar. The effect of a balance sheet shock on house prices is not notably different in Finland to what it is in the whole euro area.
- Sprache
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Englisch
- Erschienen in
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Journal: Baltic Journal of Economics ; ISSN: 2334-4385 ; Volume: 20 ; Year: 2020 ; Issue: 2 ; Pages: 170-186 ; London: Taylor & Francis
- Klassifikation
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Wirtschaft
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Monetary Policy
Housing Supply and Markets
- Thema
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BSVAR
euro area
house prices
Monetary policy
zero and sign restrictions
- Ereignis
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Geistige Schöpfung
- (wer)
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Rosenberg, Signe
- Ereignis
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Veröffentlichung
- (wer)
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Taylor & Francis
- (wo)
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London
- (wann)
-
2020
- DOI
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doi:10.1080/1406099X.2020.1792085
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
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.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Rosenberg, Signe
- Taylor & Francis
Entstanden
- 2020
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