Projekte pro Jahr
Abstract
This paper uses a factor-augmented vector autoregressive model to examine the impact of monetary policy shocks on housing prices across metropolitan and micropolitan regions. To simultaneously estimate the model parameters and unobserved factors we rely on Bayesian estimation and inference. Policy shocks are identified using high-frequency suprises around policy announcements as an external instrument. Impulse reponse functions reveal differences in regional housing price responses, which in some cases are substantial. The heterogeneity in policy responses is found to be significantly related to local regulatory environments and housing supply elasticities. Moreover, housing prices responses tend to be similar within states and adjacent regions in neighboring states.
Originalsprache | Englisch |
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DOIs | |
Publikationsstatus | Veröffentlicht - 2018 |
Publikationsreihe
Reihe | Working Papers in Regional Science |
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Nummer | 2018/09 |
Österreichische Systematik der Wissenschaftszweige (ÖFOS)
- 507026 Wirtschaftsgeographie
- 507003 Geoinformatik
WU Working Paper Reihe
- Working Papers in Regional Science
Projekte
- 1 Abgeschlossen
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Prognose und Modellierung von Wechselkursen in einem integrierten Modellrahmen
Zörner, T. (Projektleitung), Haid, B. (Forscher*in), Hauzenberger, N. (Forscher*in), Hotz-Behofsits, C. (Forscher*in), Huber, F. (Forscher*in), Kritzinger, M. (Forscher*in) & Pfarrhofer, M. (Forscher*in)
1/01/18 → 31/12/20
Projekt: Forschungsförderung