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Wohnimmobilienpreise, Inflationsmessung und Geldpolitik im Euroraum

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  • Herborn, Alexander
  • Schnabl, Gunther

Abstract

Die breit angelegte Niedrigzinspolitik der Europäischen Zentralbank (EZB) hat - je länger, desto mehr - in vielen Ländern des Euroraums zu einem starken Anstieg der Wohnimmobilienpreise beigetragen. In einigen Mitgliedstaaten mündeten diese Übertreibungen am Wohnimmobilienmarkt bereits in Finanz- und Schuldenkrisen. Der Harmonisierte Verbraucherpreisindex (HVPI) von Eurostat, auf den die EZB ihre Geldpolitik ausrichtet, berücksichtigt die Preise von Wohnimmobilien nicht. In der jüngsten Strategieüberprüfung der EZB wurde die Integration von selbstgenutztem Wohneigentum in den HVPI auf der Grundlage eines neuen Index von Eurostat in Aussicht gestellt. Der Beitrag untersucht mit Fokus auf Deutschland den Einfluss von selbstgenutztem Wohneigentum auf die offiziell gemessenen Inflationsraten und zeigt die Schwächen des geplanten neuen Ansatzes der EZB auf. Auch in Zukunft dürfte die offiziell gemessene Verbraucherpreisinflation verzerrt sein, was dazu beitragen könnte, dass die Vermögensungleichheit im Euroraum weiter steigt und die Risiken für die Finanzstabilität zunehmen.

Suggested Citation

  • Herborn, Alexander & Schnabl, Gunther, 2022. "Wohnimmobilienpreise, Inflationsmessung und Geldpolitik im Euroraum," Working Papers 175, University of Leipzig, Faculty of Economics and Management Science.
    • Handle: RePEc:zbw:leiwps:175
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    References listed on IDEAS

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    More about this item

    Keywords

    EZB; HVPI; Inflationsmessung; Wohnimmobilienpreise; versteckte Inflation; selbstgenutztes Wohneigentum;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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