House Prices and Monetary Policy: Focus on The Elasticity of Intra-Temporal Substitution between Housing and Consumption

Inho Song ()

No 747, 2013 Meeting Papers from Society for Economic Dynamics

Abstract: According to the results, the interest rate rules responding to house prices have contributed more to inflation stability and output stability, than those that do not respond to house prices. As the central bank started to gradually emphasize the importance of output stability, the interest rate rules that respond to house prices generated noticeable effects, especially when the monetary policy goal targets 70% on inflation stability and 30% on output stability. However, few meaningful benefits were found from the only inflation-targeting monetary policy.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed013:747

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