Arbeitspapier
House Prices and the stance of Monetary Policy.
This paper estimates a Bayesian VAR for the US economy which includes a housing sector and addresses the following questions. Can developments in the housing sector be explained on the basis of developments in real and nominal GDP and interest rates? What are the effects of housing demand shocks on the economy? How does monetary policy affect the housing market? What are the implications of house price developments for the stance of monetary policy? Regarding the latter question, we implement a version of a Monetary Conditions Index (MCI) due to Céspedes et al. (2006).
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 891
- Klassifikation
-
Wirtschaft
- Thema
-
Bayesian VAR
conditional forecast
House prices
monetary conditions index
monetary policy shock
Immobilienpreis
Geldpolitik
Makroökonometrie
Nationaleinkommen
Zins
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Jarociński, Marek
Smets, Frank
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
24.06.20252025, 11:37 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.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Jarociński, Marek
- Smets, Frank
- European Central Bank (ECB)
Entstanden
- 2008
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