Monetary policy and real estate prices: a disaggregated analysis for Switzerland

Michael Berlemann () and Julia Freese

International Economics and Economic Policy, 2013, vol. 10, issue 4, 469-490

Abstract: Most empirical studies found that monetary policy has a significant effect on house prices while stock markets remain unaffected by interest rate shocks. In this paper we conduct a more detailed analysis by studying various sub-segments of the real estate market. Employing a new dataset for Switzerland we estimate vector autoregressive models and find positive interest rate shocks to have adverse effects on house and condominium prices on the one hand and rental prices on the other. Commercial property prices as stock markets do not react on interest rate variations. Copyright Springer-Verlag 2013

Keywords: Monetary policy; Interest rate shocks; Real estate; Stock market; E43; E52; R21 (search for similar items in EconPapers)
Date: 2013
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Working Paper: Monetary Policy and Real Estate Prices: A Disaggregated Analysis for Switzerland (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:kap:iecepo:v:10:y:2013:i:4:p:469-490

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DOI: 10.1007/s10368-012-0222-7

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