Asset price fluctuations in Japan: what role for monetary policy?
This paper examines the nature of fundamental disturbances that have accounted for fluctuations in Japanese nominal and real land prices during the post-war period. A distinction is made between macroeconomic supply and demand shocks, as well as land-market specific shocks, in the context of a dynamic structural VAR model. The results indicate that shocks to aggregate demand-a category encompassing most monetary policy shifts-explain only a small part of the movement in land prices around the longer-term rising trend. Aggregate supply shocks are an important explanatory factor. Much of the variance in land prices also is attributable to factors originating in the land market itself, potentially including speculative bubbles.
(This abstract was borrowed from another version of this item.)
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||1993|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (415) 974-3184
Fax: (415) 974-2168
Web page: http://www.frbsf.org/economics/pbc/
More information through EDIRC
|Order Information:|| Email: |
When requesting a correction, please mention this item's handle: RePEc:fip:fedfpb:93-11. 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: (Diane Rosenberger)
If references are entirely missing, you can add them using this form.