Asymmetric Effects of Monetary Policy in Regional Housing Markets†

被引：6

作者：

Aastveit, Knut Are ^{[1
,2
]}

Anundsen, Andre K. ^{[3
]}

机构：

[1] Norges Bank, Res Dept, Oslo, Norway

[2] BI Norwegian Business Sch, Oslo, Norway

[3] Oslo Metropolitan Univ, Housing Lab, Oslo, Norway

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2022年 / 14卷 / 04期

关键词：

RESIDENTIAL LAND; LOSS AVERSION; PRICE; INVESTMENT; MODEL; IDENTIFICATION; CONSTRAINTS; EFFICIENCY; SURPRISES; DYNAMICS;

D O I：

10.1257/mac.20190011

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The responsiveness of house prices to monetary policy shocks depends on the nature of the shock-expansionary versus contractionary-and on local housing supply elasticities. These findings are established using a panel of 263 US metropolitan areas. Expansionary monetary policy shocks have a larger impact on house prices in supply-inelastic areas. Contractionary shocks are orthogonal to housing supply elas-ticities. In supply-elastic areas, contractionary shocks have a greater impact on house prices than expansionary shocks do. The opposite holds true in supply-inelastic areas. We attribute this to asymmetric housing supply adjustments. (JEL E32, E43, E52, R21, R31)

引用

页码：499 / 529

页数：31

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