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
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- 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," Sciences Po publications info:hdl:2441/1631, Sciences Po.
- Pisani, Florence & Brender, Anton, 2004. "La nouvelle économie américaine," Economics Papers from University Paris Dauphine 123456789/4189, Paris Dauphine University.
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