Projects per year
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.
|Publication status||Published - 2018|
|Series||Working Papers in Regional Science|
Austrian Classification of Fields of Science and Technology (ÖFOS)
- 507026 Economic geography
- 507003 Geoinformatics
WU Working Paper Series
- Working Papers in Regional Science
- 1 Finished
Modeling and forecasting exchange rates in an unified econometric framework
Zörner, T., Haid, B., Hauzenberger, N., Hotz-Behofsits, C., Huber, F., Kritzinger, M. & Pfarrhofer, M.
1/01/18 → 31/12/20
Project: Research funding