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

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Author Info
Lastrapes, W.D.

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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.

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Publisher Info
Paper provided by Georgia - College of Business Administration, Department of Economics in its series Papers with number 00-479.

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Length: 24 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:georec:00-479

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Postal: U.S.A.; The University of Georgia, College of Business Administration, Department of Economics, Athens, GA 30602
Web page: http://www.terry.uga.edu/
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Related research
Keywords: HOUSING ; PRICES ; EVALUATION;

Other versions of this item:

Find related papers by JEL classification:
R31 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Housing Supply and Markets
R32 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Other Production and Pricing Analysis
C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation and Testing

Cited by:
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  1. G. Carvalho, Pedro & Ribeiro, Alexandra, 2007. "Acnowledging for spatial effects in the Portuguese housing markets," MPRA Paper 6132, University Library of Munich, Germany. [Downloadable!]
  2. Elmer Sterken, 2004. "The Role of the IFO Business Climate Indicator and Asset Prices in German Monetary Policy," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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