Dieckelmann, Daniel; Hempell, Hannah S.; Jarmulska, Barbara - 2023
real house prices respond to changes in real interest rates in a non-linear fashion. This non-linearity should be …-elasticity, thereby ruling out by design the potential non-linearities between house prices and interest rates. To address this issue, we …: an increase of real interest rates from ultra-low levels could lead to downward pressure on real house prices three to …