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Immobilier et politique monétaire

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  • Eric Heyer
  • Xavier Timbeau

Abstract

We propose a model and its econometric estimation, representing the housing channel of monetary policy. Econometrics are robusts over time and space, lead to sound effects and allows measurement of different sensitivity of countries to a change of interest rates. According to our estimations, sensitivity of the euro zone economy is two to three times lesser than that of US economy. Considering that monetary policy was less reactive for the euro zone than for the US, monetary policy was less efficient in stabilizing the economy. Lower sensitivity of the euro zone is explained partly by joint evolution of unemployment and household income which have limited household indebtness. Structural factors, such as the extent of competition on the bank market, have also played a role in a less efficient monetary policy.JEL codes: C22, E21, E27, E52.

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): 96 (2006)
Issue (Month): 1 ()
Pages: 115-151

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Handle: RePEc:cai:reofsp:reof_096_0115

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Web page: http://www.cairn.info/revue-de-l-ofce.htm

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  1. Valérie Chauvin & Gaël Dupont & Éric Heyer & Mathieu Plane & Xavier Timbeau, 2002. "Le modèle France de l'OFCE. La nouvelle version : e-mod.fr," Revue de l'OFCE, Presses de Sciences-Po, vol. 81(2), pages 245-300.
  2. Pisani, Florence & Brender, Anton, 2004. "La nouvelle économie américaine," Economics Papers from University Paris Dauphine 123456789/4189, Paris Dauphine University.
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Cited by:
  1. Kierzenkowski, R. & Oung, V., 2007. "L’évolution des crédits à l’habitat en France : une grille d’analyse en termes de cycles," Working papers 172, Banque de France.

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