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Dynamic Effects of Monetary Policy and Mortgage Spreads on Housing Markets: Evidence from Swedish Regions

Author

Listed:
  • Ahlström, Filippa

    (Division of Economics, Department of Management and Engineering, Linköping University)

  • Jakobsson, Nadja

    (Division of Economics, Department of Management and Engineering, Linköping University)

  • Hedström, Axel

    (Division of Economics, Department of Management and Engineering, Linköping University)

  • Stenvall, David

    (Division of Economics, Department of Management and Engineering, Linköping University)

Abstract

This paper examines the regional effects of monetary policy and mortgage spread shocks on Swedish housing prices and transaction volume, with primary focus on regional market dynamics from national shocks. By analyzing policy rate shocks and mortgage spread shocks, this study provide insights into their distinct impacts on Sweden’s regional housing markets. Utilizing local projections and high-frequency identified monetary policy shocks, this study highlights that monetary policy shocks and fluctuations in mortgage spreads exert a noticeably greater influence on large metropolitan regions, partly due to elevated housing prices. Nevertheless, the effect is still present in less populated areas in Sweden but with more modest magnitudes, indicating that smaller regions are also susceptible to these macroeconomic forces.

Suggested Citation

  • Ahlström, Filippa & Jakobsson, Nadja & Hedström, Axel & Stenvall, David, 2025. "Dynamic Effects of Monetary Policy and Mortgage Spreads on Housing Markets: Evidence from Swedish Regions," LiU Working Papers in Economics 8, Linköping University, Division of Economics, Department of Management and Engineering.
    • Handle: RePEc:hhs:liuewp:0008
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    Keywords

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    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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