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-Bust-Zyklen auf den Aktien- und aktuell auf den Immobilienmärkten. Gerade das jüngste Beispiel in den USA hatte gezeigt, dass eine … Sybille Sobczak Geldpolitik und Vermögensmärkte volkswirtschaftliche Bedeutung …
Persistent link: https://www.econbiz.de/10011927484
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The interest rate pass-through describes how changes in a reference rate (the monetary policy, money market, or T-bill rate) transmit to bank lending rates. This paper reviews the empirical literature on the interest rate pass-through and systematizes it by means of meta-analysis and...
Persistent link: https://www.econbiz.de/10012004768
How do different monetary policy tools influence residential housing markets, and how do these effects vary between owner-occupied and rental segments? To answer this question, we assemble a new monthly regional dataset from 35 million real estate listings over the period 2007- 2023 and exploit...
Persistent link: https://www.econbiz.de/10015178380
This paper provides an empirical assessment of the power of forward guidance at different horizons, shedding new light on the strength of the "forward guidance puzzle". Our identification strategy allows us to disentangle the change in future interest rates stemming from deviations from the...
Persistent link: https://www.econbiz.de/10012214409
The main objective is to answer the question: What role does the housing market play for the transmission mechanism and (in particular) is the impact constant over time? The research question also includes analyzing the importance of the housing market for the transmission mechanism. We estimate...
Persistent link: https://www.econbiz.de/10012305100
In this paper we seek to understand the recent dynamics of the Brazilian housing market, which experienced a significant growth in recent years. In particular, we assess the effects of aggregate productivity and monetary policy shocks on housing market variables. Moreover, we also investigate...
Persistent link: https://www.econbiz.de/10012171072
This study examines the connection between interest rates and real estate prices in Switzerland. In considering median prices of six real estate groups consisting of rental apartments, owner-occupied flats, houses, office space, industrial real estate and sales area between the first quarter of...
Persistent link: https://www.econbiz.de/10014506548
This paper investigates how different types of monetary policy have affected house prices in Finland, a small euro area economy that has experienced pronounced business cycles over time. The analyses are carried out using the Bayesian structural vector autoregressive approach. Monetary policy...
Persistent link: https://www.econbiz.de/10012296184
Housing and mortgage choices are among the largest financial decisions households make and they substantially impact households' liquidity. This paper explores how monetary policy affects aggregate demand by influencing these portfolio choices. To quantify this channel, I build a...
Persistent link: https://www.econbiz.de/10015425384