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).
- Language
-
Englisch
- Bibliographic citation
-
Series: ECB Working Paper ; No. 891
- Classification
-
Wirtschaft
- Subject
-
Bayesian VAR
conditional forecast
House prices
monetary conditions index
monetary policy shock
Immobilienpreis
Geldpolitik
Makroökonometrie
Nationaleinkommen
Zins
USA
- Event
-
Geistige Schöpfung
- (who)
-
Jarociński, Marek
Smets, Frank
- Event
-
Veröffentlichung
- (who)
-
European Central Bank (ECB)
- (where)
-
Frankfurt a. M.
- (when)
-
2008
- Handle
- Last update
-
10.03.2025, 11:45 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
- Jarociński, Marek
- Smets, Frank
- European Central Bank (ECB)
Time of origin
- 2008
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