When Does Monetary Policy Sway House Prices? A Meta-Analysis
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F23%3A10449025" target="_blank" >RIV/00216208:11230/23:10449025 - isvavai.cz</a>
Result on the web
<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=w_LCG6DfHZ" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=w_LCG6DfHZ</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1057/s41308-022-00185-5" target="_blank" >10.1057/s41308-022-00185-5</a>
Alternative languages
Result language
angličtina
Original language name
When Does Monetary Policy Sway House Prices? A Meta-Analysis
Original language description
Several central banks have leaned against the wind in the housing market by increasing the policy rate preemptively to prevent a bubble. Yet the empirical literature provides mixed results on the impact of short-term interest rates on house prices: the estimated semi-elasticities range from -12 to positive values. To assign a pattern to these differences, we collect 1,555 estimates from 37 individual studies that cover 45 countries and 72 years. We then relate the estimates to 39 characteristics of the financial system, business cycle, and estimation approach. Our main results are threefold. First, the mean reported estimate is exaggerated by publication bias, because insignificant results are underreported. Second, inclusion of controls correlated with policy rates (credit or money supply) decreases the estimated effects of policy rates on house prices. Third, the effects are stronger in countries with more developed mortgage markets and generally later in the cycle when the yield curve is flat and house prices enter an upward spiral.
Czech name
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50201 - Economic Theory
Result continuities
Project
Result was created during the realization of more than one project. More information in the Projects tab.
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
Others
Publication year
2023
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
IMF Economic Review
ISSN
2041-4161
e-ISSN
2041-417X
Volume of the periodical
71
Issue of the periodical within the volume
2
Country of publishing house
GB - UNITED KINGDOM
Number of pages
36
Pages from-to
538-573
UT code for WoS article
000850748700001
EID of the result in the Scopus database
2-s2.0-85137578018