کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
962240 | 930006 | 2008 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The UK housing market and the monetary policy transmission mechanism: An SVAR approach
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
I estimate an eight variable structural vector autoregression (SVAR) model of the UK economy based upon that of Kim and Roubini [Kim, S., Roubini, N., 2000. Exchange rate anomalies in the industrial countries: a solution with a structural VAR approach. J. Monet. Econ. 45(3), 561-586] for the purpose of investigating the role of the housing market in the transmission of monetary policy. Retail sales fall by just under 0.4% following a temporary positive 100 basis points shock to short-term domestic interest rates; inflation is also lowered. House prices fall by 0.75%. House price shocks increase consumption, the price level and interest rates. Combining the central estimates for interest rate and house price shocks suggests that house price movements can explain about one-seventh of the fall in consumption following an interest rate shock. A counterfactual simulation comes to a similar figure.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Housing Economics - Volume 17, Issue 1, March 2008, Pages 65-87
Journal: Journal of Housing Economics - Volume 17, Issue 1, March 2008, Pages 65-87
نویسندگان
Adam Elbourne,