The Effect of Unconventional Monetary Policy of ECB on Housing Prices
| Author: | Bc. Vojtěch Górecki |
|---|---|
| Year: | 2018 - summer |
| Leaders: | prof. Roman Horváth Ph.D. |
| Consultants: | |
| Work type: | Bachelors |
| Language: | English |
| Pages: | 77 |
| Awards and prizes: | |
| Link: | https://is.cuni.cz/webapps/zzp/detail/191636/ |
| Abstract: | Thethesisexaminestherelationshipbetweentheunconventional monetary policyofECBandhousing markets. Weconducttheempiricalanalysison quarterlypaneldataconsistingofvariablesfromselectedeuroareacountries overtheperiod2007Q4-2017Q4. Theunconventional monetarypolicyis measuredwiththe Wu-XiaShadowrate. ThepanelVAR modelestimation providesonlyweakevidenceonthepositiveeffectoftheunconventionalmonetarypolicyonhousingprices. Theevidenceonthe mortgageratesis more convincinginestimatingsignificantresponsethatspansovertwoyearswith peakatoneyearmark.Theresultsoftheindividualcountryanalysisindicate theheterogeneityofresponses,whiletheeffectislesssignificantincountries thatweremoreaffectedbythefinancialandsovereigndebtcrisis. |
