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Monetary Policy and Real Estate Prices: A Disaggregated Analysis for Switzerland

Michael Berlemann () and Julia Freese ()
Additional contact information
Julia Freese: Helmut Schmidt University, Hamburg, Postal: Chair for Political Economy and Empirical Economics,, Holstenhofweg 85,, 22403 Hamburg,, Germany

No 105/2010, Working Paper from Helmut Schmidt University, Hamburg

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 substitution effects between house and apartment prices on the one hand and rental prices on the other. Interestingly enough, commercial property prices do not react on interest rate variations.

Keywords: monetary policy; interest rate shocks; real estate; stock market (search for similar items in EconPapers)
JEL-codes: E43 E52 R21 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2010-10-14
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-ure
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Related works:
Journal Article: Monetary policy and real estate prices: a disaggregated analysis for Switzerland (2013) Downloads
Working Paper: Monetary policy and real estate prices: A disaggregated analysis for Switzerland (2010) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ris:vhsuwp:2010_105

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