The Effectiveness of Monetary Policy of Official Cash Rate (OCR) on House Price Movements

Song Shi

ERES from European Real Estate Society (ERES)

Abstract: There was a problem for the effectiveness of monetary policy by setting OCR changes to influence house price movements. We find that the announced OCR changes had a close link to the floating or short-term mortgage rate changes, and in contrast house price movements were linked to long-term fixed mortgage rates. Our research further demonstrated that the ratio of overall value of floating to fixed rate mortgages had significantly eased on the effectiveness of monetary policy of OCR changes on house price movements.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2011-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2011_105

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