Euro area house prices and unconventional monetary policy surprises

被引：6
|
作者：
Hulsewig, Oliver [1 ,2 ]
Rottmann, Horst [3 ,4 ]
机构：
[1] CESifo, Stadtpk 20, D-81243 Munich, Germany
[2] Munich Univ Appl Sci, Stadtpk 20, D-81243 Munich, Germany
[3] CESifo, Hetzenrichter Weg 15, D-92637 Weiden, Germany
[4] Univ Appl Sci Amberg Weiden, Hetzenrichter Weg 15, D-92637 Weiden, Germany
来源：
ECONOMICS LETTERS | 2021年 / 205卷
关键词：
House prices; Unconventional monetary policy; Local projection method; FINANCE; CREDIT; US;
D O I：
10.1016/j.econlet.2021.109962
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the reaction of house prices in a panel of euro area countries to monetary policy surprises over the period 2010-2019. Using Jorda's (2005) local projection method, we find that real house prices rise in response to expansionary monetary policy shocks that can be related to unconventional policy measures. In the core countries including Ireland, we also find that lending for house purchases increases relative to nominal output. Thus, household debt rises. (C) 2021 Elsevier B.V. All rights reserved.
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页数：5
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