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Immobilier et politique monétaire

Eric Heyer () and Xavier Timbeau ()

Revue de l'OFCE, 2006, vol. 96, issue 1, 115-151

Abstract: We propose a model and its econometric estimation, representing the housing channel of monetary policy. Econometrics are robusts over time and space, lead to sound effects and allows measurement of different sensitivity of countries to a change of interest rates. According to our estimations, sensitivity of the euro zone economy is two to three times lesser than that of US economy. Considering that monetary policy was less reactive for the euro zone than for the US, monetary policy was less efficient in stabilizing the economy. Lower sensitivity of the euro zone is explained partly by joint evolution of unemployment and household income which have limited household indebtness. Structural factors, such as the extent of competition on the bank market, have also played a role in a less efficient monetary policy. JEL codes: C22, E21, E27, E52.

JEL-codes: C22 E21 E27 E52 (search for similar items in EconPapers)
Date: 2006
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