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

Kód výsledku v 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>

Výsledek na webu

<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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Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

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OECD FORD obor

50201 - Economic Theory

Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2016

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Statistics and Economy Journal

ISSN

1804-8765

e-ISSN

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Svazek periodika

96

Číslo periodika v rámci svazku

4

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

19

Strana od-do

37-55

Kód UT WoS článku

000391291600003

EID výsledku v databázi Scopus

2-s2.0-85010375968