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The Effectiveness of Monetary Policy of Official Cash Rate (OCR) on House Price Movements

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  • Song Shi

Abstract

There was a problem for the effectiveness of monetary policy by setting OCR changes to influence house price movements. We find that the announced OCR changes had a close link to the floating or short-term mortgage rate changes, and in contrast house price movements were linked to long-term fixed mortgage rates. Our research further demonstrated that the ratio of overall value of floating to fixed rate mortgages had significantly eased on the effectiveness of monetary policy of OCR changes on house price movements.

Suggested Citation

  • Song Shi, 2011. "The Effectiveness of Monetary Policy of Official Cash Rate (OCR) on House Price Movements," ERES eres2011_105, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2011_105
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2011-105
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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