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The Impact of Unconventional Monetary Policy on Real Estate Markets

Gabriel, Stuart A. - 2017

foreclosure reductions, in line with theory. Overall, ﬁndings document how Fed policy reached hard-hit areas during the housing …

Persistent link: https://www.econbiz.de/10012972768

Unconventional Monetary Policy and U.S. Housing Markets Dynamics

Chiang, Yao-Min - 2015

This study investigates whether the unprecedented liquidity injected in the economy by the U.S Fed through unconventional monetary policy measure, popularly known as quantitative easing (QE), is a systematic factor that can explain the abnormally low U.S. housing starts of recent years. We use...

Persistent link: https://www.econbiz.de/10013025210

The Impact of Conventional and Unconventional Monetary Policy on Expectations and Sentiment

Galariotis, Emilios C. - 2017

This paper offers, for the first time, evidence on the effect of ECB's conventional and unconventional monetary policy on economic expectations in Euro-area countries during the US and EU crisis. We employ a range of research methodologies (PVAR, QVAR, FAVAR) in a sample of nine Eurozone...

Persistent link: https://www.econbiz.de/10012968854

Housing prices and robustly optimal monetary policy

Adam, Klaus; Woodford, Michael - 2013

Persistent link: https://www.econbiz.de/10010345429

The Dynamic Impact of Monetary Policy on Regional Housing Prices in the US : Evidence Based on Factor-augmented Vector Autoregressions

Fischer, Manfred M. - 2018

In this study interest centers on regional differences in the response of housing prices to monetary policy shocks in the US. We address this issue by analyzing monthly home price data for metropolitan regions using a factor-augmented vector autoregression (FAVAR) model. Bayesian model...

Persistent link: https://www.econbiz.de/10012927423

Do house prices play a role in unconventional monetary policy transmission in Japan?

Renzhi, Nuobu - 2021

This paper comprehensively analyses the role of house prices in the unconventional monetary transmission mechanism in Japan. The quantitative effects of unconventional monetary policy shocks are examined through structural vector autoregression with the extension using time-varying parameters....

Persistent link: https://www.econbiz.de/10013222954

The Impact of Monetary Policy on Housing Prices in China

Chen, Shen - 2019

This paper examines the impact of monetary policy on housing prices in China with a VAR model. Granger causality tests … policy will cause the growth rate of housing prices to decline in China. In particular, a positive shock to market …-term interest rates are effective monetary policy instruments for the central bank in China to conduct its policy to affect housing …

Persistent link: https://www.econbiz.de/10012890247

Exiting from quantitative easing

Hayashi, Fumio; Koeda, Junko - In: Quantitative economics : QE ; journal of the … 10 (2019) 3, pp. 1069-1107

We propose an empirical framework for analyzing the macroeconomic effects of quantitative easing (QE) and apply it to Japan. The framework is a regimeswitching structural vector autoregression in which the monetary policy regime, chosen by the central bank responding to economic conditions, is...

Persistent link: https://www.econbiz.de/10012049360

A narrative approach to a fiscal DSGE model

Drautzburg, Thorsten - In: Quantitative economics : QE ; journal of the … 11 (2020) 2, pp. 801-837

Structural DSGE models are used for analyzing both policy and the sources of business cycles. Conclusions based on full structural models are, however, potentially affected by misspecification. A competing method is to use partially identified SVARs based on narrative shocks. This paper asks...

Persistent link: https://www.econbiz.de/10012214069

Monetary policy communication shocks and the macroeconomy

Goodhead, Robert; Kolb, Benedikt - 2018

Using federal funds futures data, we show the importance of surprise communication as a component of monetary policy for U.S. macro variables, both before and after 2008. While Gürkaynak et al. (2005) stress the importance of monetary policy communication for asset prices, much of the...

Persistent link: https://www.econbiz.de/10011938122