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an interest rate shock, house prices (aggregate house price and modern house price) fall sharply over the first 4 years … and do not recover to their pre-shock level. In response to a real GDP shock, both house prices react in a positive … inverted U-shaped manner. Finally, we find that an inflation shock has a U-shaped negative impact on aggregate and modern house …
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This paper studies the effects of fiscal policy on GDP, prices and interest rates in 5 OECD countries, using a structural Vector Autoregression approach. Its mains results can be summarized as follows; 1) The effects of fiscal policy on GDP and its components have become substantially weaker in...
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This paper studies the effects of fiscal policy on GDP, inflation and interest rates in 5 OECD countries, using a structural Vector Autoregression approach. Its main results can be summarized as follows: 1) The effects of fiscal policy on GDP tend to be small: government spending multipliers...
Persistent link: https://www.econbiz.de/10014067895