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The asymmetric effects of monetary policy on housing across the level of development

Juan C. Medina (), Robert R. Reed () and Ejindu S. Ume ()
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Juan C. Medina: Universidad Autónoma de Ciudad Juárez
Robert R. Reed: Universidad de Alabama
Ejindu S. Ume: Universidad de Ohio

No 30, Estudios Regionales en Economía, Población y Desarrollo. Cuadernos de Trabajo de la Universidad Autónoma de Ciudad Juárez. from Cuerpo Académico 41 de la Universidad Autónoma de Ciudad Juárez

Abstract: We study the effects of money growth in a neoclassical growth model with wealth effects. As the capital stock is the only component of wealth which contributes to an individual’s utility, the model should be interpreted as a model of housing production and housing wealth since the capital stock affects utility. Consistent with empirical evidence on the relationship between residential investment and GDP across countries, there are significant non-linearities between housing market activity and aggregate income in our framework.

Keywords: Development; housing; monetary policy; inflation. (search for similar items in EconPapers)
JEL-codes: E31 E52 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-gro, nep-mac, nep-mon, nep-upt and nep-ure
Date: 2015-11-01, Revised 2015-11-01
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