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Interest Rate Elasticity of Residential Housing Prices

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Author Info

  • Plamen Iossifov
  • Martin Cihák
  • Amar Shanghavi

Abstract

We examine the interest rate elasticity of housing prices, advancingthe empirical literature in two directions. First, we take a commonly used cross-country panel dataset and evaluate the housing price equation using a consistent estimator in the presence of endogenous explanatory variables and a lagged dependent variable. Second, we carry-out a novel analysis of determinants of residential housing prices in a cross-section of countries. Our results show that the short-term interest rate, and hence monetary policy, has a sizable impact on residential housing prices.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/247.

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Length: 58
Date of creation: 01 Oct 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/247

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Related research

Keywords: Housing prices; Real estate prices; Economic models;

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Cited by:
  1. Luis M. Cubeddu & Camilo Ernesto Tovar Mora & Evridiki Tsounta, 2012. "Latin America: Vulnerabilities Under Construction?," IMF Working Papers 12/193, International Monetary Fund.
  2. Ghosh, Saibal, 2010. "Credit Growth, Bank Soundness and Financial Fragility: Evidence from Indian Banking Sector," MPRA Paper 24715, University Library of Munich, Germany.
  3. Maurice Obstfeld & Kenneth Rogoff, 2009. "Global imbalances and the financial crisis: products of common causes," Proceedings, Federal Reserve Bank of San Francisco, pages 131-172.
  4. Koetter, Michael & Poghosyan, Tigran, 2010. "Real estate prices and bank stability," Journal of Banking & Finance, Elsevier, vol. 34(6), pages 1129-1138, June.
  5. Serven, Luis & Nguyen, Ha, 2010. "Global imbalances before and after the global crisis," Policy Research Working Paper Series 5354, The World Bank.

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