An Estimated DSGE Model with a Housing Sector for the Czech Economy

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F16%3A00092519" target="_blank" >RIV/00216224:14560/16:00092519 - isvavai.cz</a>
Result on the web
<a href="https://www.czso.cz/documents/10180/32912820/32019716q4037.pdf/39ffc0cf-8732-40d9-b322-cdb1257c5cf9?version=1.1" target="_blank" >https://www.czso.cz/documents/10180/32912820/32019716q4037.pdf/39ffc0cf-8732-40d9-b322-cdb1257c5cf9?version=1.1</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
An Estimated DSGE Model with a Housing Sector for the Czech Economy
Original language description
This paper uses an estimated DSGE model with an explicit housing sector to analyse the role of the housing sector and housing collateral for business cycle fluctuations in the Czech economy. The baseline results show that the development in the housing market has negligible effect on the rest of the economy. Counterfactual experiments indicate that the spill-overs increases with looser credit standards, if banks provide loans for higher value of houses. Similarly, with the higher loan-to-value ratios the transmission mechanism of monetary policy also seems to strengthen, with the key rates having bigger influence on the consumption and output. Looking at the development in house prices, the recent boom and bust is found to have been caused primarily by housing preference shocks (demand side shocks). Supply shocks are also found to have been significant, but to a much lesser extent.
Czech name
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Czech description
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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

Publication year
2016
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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