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Monetary policy and regional price boom in Sweden
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Institute for Housing and Urban Research.
2010 (English)In: Journal of Policy Modeling, ISSN 0161-8938, E-ISSN 1873-8060, Vol. 32, no 6, 865-879 p.Article in journal (Refereed) Published
Abstract [en]

This study measures the heterogeneous effects of monetary policy on regional house prices in Sweden 1991-2002. We use a multivariate persistent shock metric to examine the impact of short-term interest rate on the property market. We also segregate the influence of interest rate shocks and influence of local shocks to capture their respective effects on regional price boom. We find significant regional effect of monetary policy on housing markets. Interest rate effects dominate the influence of local price innovations in the core economic regions in Sweden. We further discuss the monetary transmission channels and highlight political implications.

Place, publisher, year, edition, pages
2010. Vol. 32, no 6, 865-879 p.
Keyword [en]
Monetary policy, Regional price boom, Sweden
National Category
Social Sciences
Identifiers
URN: urn:nbn:se:uu:diva-148920DOI: 10.1016/j.jpolmod.2010.06.004ISI: 000286559600011OAI: oai:DiVA.org:uu-148920DiVA: diva2:403936
Available from: 2011-03-15 Created: 2011-03-14 Last updated: 2017-12-11Bibliographically approved

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