Immobilier et politique monétaire
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.
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.:
- Barro, Robert J, 1979.
"On the Determination of the Public Debt,"
Journal of Political Economy,
University of Chicago Press, vol. 87(5), pages 940-971, October.
- Barro, Robert J., 1979. "On the Determination of the Public Debt," Scholarly Articles 3451400, Harvard University Department of Economics.
- repec:dau:papers:123456789/4189 is not listed on IDEAS
- repec:spo:wpecon:info:hdl:2441/1631 is not listed on IDEAS
- 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.
- Valérie Chauvin & Gaël Dupont & Eric Heyer & Mathieu Plane & Xavier Timbeau, 2002. "Le modèle France de l'OFCE. La nouvelle version: e-mod.fr," Post-Print hal-01073260, HAL.
- Valerie Chauvin & Gaël Dupont & Eric Heyer & Mathieu Plane & Xavier Timbeau, 2002. "Le modèle France de l'OFCE. La nouvelle version: e-mod.fr," Sciences Po publications info:hdl:2441/1631, Sciences Po.
When requesting a correction, please mention this item's handle: RePEc:cai:reofsp:reof_096_0115. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.