Monetary policy and real estate prices : a disaggregated analysis for Switzerland

Michael Berlemann; Julia Freese

Most empirical studies found that monetary policy has a significant effect on house prices while stock markets remain unaffected by interest rate shocks. In this paper we conduct a more detailed analysis by studying various sub-segments of the real estate market. Employing a new dataset for Switzerland we estimate vector autoregressive models and find substitution effects between house and apartment prices on the one hand and rental prices on the other. Interestingly enough, commercial property prices do not react on interest rate variations. -- Monetary policy ; interest rate shocks ; real estate ; stock market

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Year of publication:	2010
Authors:	Berlemann, Michael ; Freese, Julia
Publisher:	Hamburg : Helmut-Schmidt-Univ.
Subject:	Geldpolitik \| Monetary policy \| Zinspolitik \| Interest rate policy \| Wirkungsanalyse \| Impact assessment \| Immobilienpreis \| Real estate price \| Miete \| Rent \| VAR-Modell \| VAR model \| Schätzung \| Estimation \| Schweiz \| Switzerland

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Extent:	Online-Ressource (PDF-Datei: 39 S., 3.151 KB, Text) graph. Darst.
Series:	Diskussionspapier / Helmut-Schmidt-Universität, Fächergruppe Volkswirtschaftslehre. - Hamburg : Helmut-Schmidt-Univ., Fächergruppe Volkswirtschaftslehre, ZDB-ID 2117627-9. - Vol. 105
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Systemvoraussetzungen: Acrobat Reader
Other identifiers:	hdl:10419/66038 [Handle]
Classification:	E43 - Determination of Interest Rates; Term Structure Interest Rates ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; R21 - Housing Demand
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10008746662