This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
House prices and the stance of monetary policy Author info | Abstract | Publisher info | Download info | Related research | Statistics Marek Jarocinski
Frank R. Smets
Additional information is available for the following
registered author(s):
This paper estimates a Bayesian vector autoregression for the U.S. economy that includes a housing sector and addresses the following questions: Can developments in the housing sector be explained on the basis of developments in real and nominal gross domestic product and interest rates? What are the effects of housing demand shocks on the economy? How does monetary policy affect the housing market? What are the implications of house price developments for the stance of monetary policy? Regarding the latter question, we implement a Céspedes et al. (2006) version of a monetary conditions index.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Article provided by Federal Reserve Bank of St. Louis in its journal Review .
Volume (Year): (2008)
Issue (Month): Jul ()
Pages: 339-366
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:fip:fedlrv:y:2008:i:jul:p:339-366:n:v.90no.4Contact details of provider: Postal: P.O. Box 442, St. Louis, MO 63166 Fax: (314)444-8753 Web page: http://www.stlouisfed.org/ More information through EDIRC
Order Information: Email: Web: http://www.stls.frb.org/research/order/pubform.html
For technical questions regarding this item, or to correct its listing, contact: (Diane Rosenberger).
Keywords: Monetary policy ; Housing - Prices ; Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Duguay, Pierre, 1994.
"Empirical evidence on the strength of the monetary transmission mechanism in Canada: An aggregate approach ,"
Journal of Monetary Economics ,
Elsevier, vol. 33(1), pages 39-61, February.
[Downloadable!] (restricted)
Richard Clarida & Jordi Gali & Mark Gertler, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Journal of Economic Literature ,
American Economic Association, vol. 37(4), pages 1661-1707, December.
[Downloadable!] (restricted)
Other versions:
Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
CEPR Discussion Papers
2139, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Clarida, R. & Gali, J. & Gertler, M., 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Working Papers
99-13, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Richard Clarida & Jordi Galí & Mark Gertler, 1997.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Economics Working Papers
356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
[Downloadable!] Richard Clarida & Jordi Gali & Mark Gertler, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
NBER Working Papers
7147, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Christopher J. Erceg & Andrew T. Levin, 2002.
"Optimal monetary policy with durable goods and non-durable goods ,"
Working Paper Series
179, European Central Bank.
[Downloadable!]
Mattias Villani, 2009.
"Steady-state priors for vector autoregressions ,"
Journal of Applied Econometrics ,
John Wiley & Sons, Ltd., vol. 24(4), pages 630-650.
[Downloadable!]
Margaret M. McConnell & Gabriel Perez-Quiros, 2000.
"Output Fluctuations in the United States: What Has Changed since the Early 1980's? ,"
American Economic Review ,
American Economic Association, vol. 90(5), pages 1464-1476, December.
[Downloadable!] (restricted)
Other versions:
Margaret M. McConnell & Gabriel Perez Quiros, 1998.
"Output fluctuations in the United States: what has changed since the early 1980s? ,"
Staff Reports
41, Federal Reserve Bank of New York.
[Downloadable!] Margaret M. McConnell & Gabriel Perez Quiros, 1997.
"Output fluctuations in the United States: what has changed since the early 1980s? ,"
Research Paper
9735, Federal Reserve Bank of New York.
[Downloadable!] Margaret McConnell & Gabriel Perez Quiros, 2000.
"Output fluctuations in the United States: what has changed since the early 1980s? ,"
Proceedings ,
Federal Reserve Bank of San Francisco, issue Mar.
[Downloadable!] Frederic S. Mishkin, 2007.
"Housing and the Monetary Transmission Mechanism ,"
NBER Working Papers
13518, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Thomas Doan & Robert Litterman & Christopher Sims, 1984.
"Forecasting and conditional projection using realistic prior distributions ,"
Econometric Reviews ,
Taylor and Francis Journals, vol. 3(1), pages 1-100.
[Downloadable!] (restricted)
Other versions: Jiri Slacalek, 2006.
"What Drives Personal Consumption?: The Role of Housing and Financial Wealth ,"
Discussion Papers of DIW Berlin
647, DIW Berlin, German Institute for Economic Research.
[Downloadable!]
Christopher D. Carroll & Misuzu Otsuka & Jirka Slacalek, 2006.
"How Large Is the Housing Wealth Effect? A New Approach ,"
NBER Working Papers
12746, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Del Negro, Marco & Otrok, Christopher, 2007.
"99 Luftballons: Monetary policy and the house price boom across U.S. states ,"
Journal of Monetary Economics ,
Elsevier, vol. 54(7), pages 1962-1985, October.
[Downloadable!] (restricted)
Dynan, Karen E. & Elmendorf, Douglas W. & Sichel, Daniel E., 2006.
"Can financial innovation help to explain the reduced volatility of economic activity? ,"
Journal of Monetary Economics ,
Elsevier, vol. 53(1), pages 123-150, January.
[Downloadable!] (restricted)
Other versions: Benoît Mojon, 2007.
"Monetary policy, output composition and the Great Moderation ,"
Working Paper Series
WP-07-07, Federal Reserve Bank of Chicago.
[Downloadable!]
Topel, Robert H & Rosen, Sherwin, 1988.
"Housing Investment in the United States ,"
Journal of Political Economy ,
University of Chicago Press, vol. 96(4), pages 718-40, August.
[Downloadable!] (restricted)
Uhlig, Harald, 2005.
"What are the effects of monetary policy on output? Results from an agnostic identification procedure ,"
Journal of Monetary Economics ,
Elsevier, vol. 52(2), pages 381-419, March.
[Downloadable!] (restricted)
Other versions: Christopher J. Erceg & Andrew T. Levin, 2002.
"Optimal monetary policy with durable and non-durable goods ,"
International Finance Discussion Papers
748, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Other versions: Gerlach, Stefan & Smets, Frank, 2000.
"MCIs and monetary policy ,"
European Economic Review ,
Elsevier, vol. 44(9), pages 1677-1700, October.
[Downloadable!] (restricted)
John B. Taylor, 2007.
"Housing and Monetary Policy ,"
NBER Working Papers
13682, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Renee A. Fry & Vance L. Martin & Nicholas Voukelatos, 2009.
"Overvaluation In Australian Housing And Equity Markets: Wealth Effects Or Monetary Policy? ,"
CAMA Working Papers
2009-10, Australian National University, Centre for Applied Macroeconomic Analysis.
[Downloadable!]
Mário Jorge Mendonça & Luis Alberto Medrano & Adolfo Sachsida, 2009.
"Avaliando a Condição da Política Fiscal no Brasil ,"
Discussion Papers
1409, Instituto de Pesquisa Econômica Aplicada - IPEA.
[Downloadable!]
Ansgar Belke & Walter Orth & Ralph Setzer, 2008.
"Sowing the seeds for the subprime crisis: does global liquidity matter for housing and other asset prices? ,"
International Economics and Economic Policy ,
Springer, vol. 5(4), pages 403-424, December.
[Downloadable!] (restricted)
Aqib Aslam & Emiliano Santoro, 2008.
"Bank Lending, Housing and Spreads ,"
Discussion Papers
08-27, University of Copenhagen. Department of Economics, revised Nov 2008.
[Downloadable!]
Access and
download statistics Did you know? RePEc and its associated services are free for contributors and users, and do not accept any advertising.
This page was last updated on 2009-11-18.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .