Asymmetric Effects of Monetary Policy in Regional Housing Markets
نویسندگان
چکیده
The responsiveness of house prices to monetary policy shocks depends on the nature shock—expansionary versus contractionary—and local housing supply elasticities. These findings are established using a panel 263 US metropolitan areas. Expansionary have larger impact in supply-inelastic Contractionary orthogonal In supply-elastic areas, contractionary greater than expansionary do. opposite holds true We attribute this asymmetric adjustments. (JEL E32, E43, E52, R21, R31)
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ژورنال
عنوان ژورنال: American Economic Journal: Macroeconomics
سال: 2022
ISSN: ['1945-7707', '1945-7715']
DOI: https://doi.org/10.1257/mac.20190011