EconPapers    
Economics at your fingertips  
 

The effects of conventional and unconventional monetary policy on house prices in the Scandinavian countries

Signe Rosenberg

Journal of Housing Economics, 2019, vol. 46, issue C

Abstract: This paper studies the impact of conventional and unconventional monetary policy on house prices in the Scandinavian countries, using sign and zero restrictions in a Bayesian structural vector autoregressive model, covering the policy rate and balance sheet policies of the central banks over a period of nearly 30 years. Expansionary shocks to the policy rate and the balance sheet both have a positive impact on house prices in the Scandinavian countries, but the effects vary greatly within each country. In all three countries the effect of balance sheet shocks on house prices peaks higher and is more persistent than the response of policy rate shocks. In Sweden and Denmark the impact is more sluggish in case of balance sheet shocks while in Norway the speed of the reaction is similar in case of both types of monetary policy shock.

Keywords: Unconventional monetary policy; House prices; SVAR; Zero and sign restrictions (search for similar items in EconPapers)
JEL-codes: C32 C51 E30 E42 E52 R30 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1051137718301438
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jhouse:v:46:y:2019:i:c:s1051137718301438

DOI: 10.1016/j.jhe.2019.101659

Access Statistics for this article

Journal of Housing Economics is currently edited by H. O. Pollakowski

More articles in Journal of Housing Economics from Elsevier
Bibliographic data for series maintained by Haili He ().

 
Page updated 2020-09-16
Handle: RePEc:eee:jhouse:v:46:y:2019:i:c:s1051137718301438