Asymmetric Effects of Monetary Policy in Regional Housing Markets†

• 成果类型: Article
• 署名作者: Aastveit, Knut Are; Anundsen, Andre K.
• 署名单位: Norges Bank; BI Norwegian Business School; Oslo Metropolitan University (OsloMet)
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20190011
• 发表日期: 2022
• 页码: 499-529
• 关键词: residential land; loss aversion; price; INVESTMENT; MODEL; identification; constraints; EFFICIENCY; surprises; DYNAMICS

摘要

The responsiveness of house prices to monetary policy shocks depends on the nature of the shock-expansionary versus contractionary-and on local housing supply elasticities. These findings are established using a panel of 263 US metropolitan areas. Expansionary monetary policy shocks have a larger impact on house prices in supply-inelastic areas. Contractionary shocks are orthogonal to housing supply elas-ticities. In supply-elastic areas, contractionary shocks have a greater impact on house prices than expansionary shocks do. The opposite holds true in supply-inelastic areas. We attribute this to asymmetric housing supply adjustments. (JEL E32, E43, E52, R21, R31)