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

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.

MoreLess

Year of publication:	2010
Authors:	Berlemann, Michael ; Freese, Julia
Publisher:	Hamburg : Helmut-Schmidt-Universität - Universität der Bundeswehr Hamburg, Fächergruppe Volkswirtschaftslehre
Subject:	Geldpolitik \| Zinspolitik \| Wirkungsanalyse \| Immobilienpreis \| Miete \| VAR-Modell \| Schätzung \| Schweiz \| Monetary policy \| interest rate shocks \| real estate \| stock market

freely available

Full text |

More access options

Check Google Scholar

In German libraries (KVK)

I need help

More details

Series:	Diskussionspapier ; 105
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	637825667 [GVK] 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:	EconStor

Persistent link: https://www.econbiz.de/10010289022