Asymmetric effects of monetary policy in regional housing markets
dc.contributor.author | Aastveit, Knut Are | |
dc.contributor.author | Anundsen, André Kallåk | |
dc.date.accessioned | 2023-09-25T11:51:47Z | |
dc.date.available | 2023-09-25T11:51:47Z | |
dc.date.created | 2022-01-18T11:24:53Z | |
dc.date.issued | 2021 | |
dc.identifier.issn | 1945-7707 | |
dc.identifier.uri | https://hdl.handle.net/11250/3091769 | |
dc.description.abstract | The responsiveness of house prices to monetary policy shocks depends on the nature of the shock—expansionary versus contractionary—and on local housing supply elasticities. These findings are established using a panel of 263 US metropolitan areas. Expansionary monetary policy shocks have a larger impact on house prices in supply inelastic areas. Contractionary shocks are orthogonal to housing supply elasticities. In supply elastic areas, contractionary shocks have a greater impact on house prices than expansionary shocks. The opposite holds true in supply inelastic areas. We attribute this to asymmetric housing supply adjustments. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | American Economic Association | en_US |
dc.title | Asymmetric effects of monetary policy in regional housing markets | en_US |
dc.type | Journal article | en_US |
dc.type | Peer reviewed | en_US |
dc.description.version | acceptedVersion | en_US |
dc.source.pagenumber | 499-529 | en_US |
dc.source.volume | 14 | en_US |
dc.source.journal | American Economic Journal: Macroeconomics | en_US |
dc.source.issue | 4 | en_US |
dc.identifier.doi | 10.1257/mac.20190011 | |
dc.identifier.cristin | 1983379 | |
cristin.ispublished | true | |
cristin.fulltext | preprint | |
cristin.qualitycode | 2 |