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Housing market stability, mortgage market structure, and monetary policy: Evidence from the euro area

Bing, Zhu, Betzinger, Michael and Sebastian, Steffen P. (2017) Housing market stability, mortgage market structure, and monetary policy: Evidence from the euro area. Journal of Housing Economics 37, pp. 1-21.

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Other URL: https://doi.org/10.1016/j.jhe.2017.04.001


Abstract

This paper investigates how monetary policy stance and mortgage market structure affect non fundamental house price movements in eleven Euro area countries. Based on a three-stage approach, our empirical evidence suggests that a one-time monetary-easing shock can significantly trigger house price booms in Euro area countries with liberal mortgage markets. Such shocks can explain over 20% of the ...

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Item type:Article
Date:September 2017
Institutions:Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Immobilienfinanzierung (Prof. Dr. Steffen Sebastian)
Business, Economics and Information Systems > Institut für Immobilienenwirtschaft / IRE|BS > Lehrstuhl für Immobilienfinanzierung (Prof. Dr. Steffen Sebastian)
Identification Number:
ValueType
10.1016/j.jhe.2017.04.001DOI
Keywords:CAPITAL INFLOWS; CURRENT ACCOUNT; INTEREST-RATES; PRICES; RISK; TRANSMISSION; LIQUIDITY; COUNTRIES; DYNAMICS; BANKING; House prices; Taylor rate; Non-fundamental house price; Mortgage market structure
Dewey Decimal Classification:300 Social sciences > 330 Economics
Status:Published
Refereed:Yes, this version has been refereed
Created at the University of Regensburg:Yes
Item ID:36799
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