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The Real Price of Housing and Money Supply Shocks: Time Series Evidence and Theoretical Simulations

William Lastrapes ()

Working Papers from Georgia - College of Business Administration, Department of Economics

Abstract: I estimate the dynamic responses of owner-occupied housing prices to money supply shocks, and compare these responses to those predicted by a dynamic equilibrium model of the housing market. The empirical responses are identified from general sets of restrictions that are consistent with a wide class of theoretical models. Using monthly data, I find that money shocks have real effects on the housing market: both relative housing prices and real sales rise in the short-run in response to positive shocks to the money supply. The estimated price responses closely match the predictions of the theoretical model for reasonable values of the theoretical parameters.

Keywords: HOUSING; PRICES; EVALUATION (search for similar items in EconPapers)
JEL-codes: C52 R31 R32 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2000
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