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Conventional and unconventional monetary policies: effects on the Finnish housing market

Baltic journal of economics, 2020-07, Vol.20 (2), p.170-186 [Peer Reviewed Journal]

2020 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group 2020 ;2020 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This work is licensed under the Creative Commons Attribution License http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1406-099X ;ISSN: 2334-4385 ;EISSN: 2334-4385 ;DOI: 10.1080/1406099X.2020.1792085

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  • Title:
    Conventional and unconventional monetary policies: effects on the Finnish housing market
  • Author: Rosenberg, Signe
  • Subjects: Balance sheets ; Bayesian analysis ; BSVAR ; Business cycles ; Business Economy / Management ; Economic policy ; Euro ; euro area ; Eurozone ; Financial Markets ; house prices ; Housing market ; Housing prices ; Interest rates ; Monetary policy ; Prices ; Supranational / Global Economy ; zero and sign restrictions
  • Is Part Of: Baltic journal of economics, 2020-07, Vol.20 (2), p.170-186
  • Description: This paper investigates how different types of monetary policy have affected house prices in Finland, a small euro area economy that has experienced pronounced business cycles over time. The analyses are carried out using the Bayesian structural vector autoregressive approach. Monetary policy interest rate shocks and balance sheet shocks are identified using zero and sign restrictions. The results reveal that both a policy interest rate shock and a balance sheet shock have a positive and temporary impact on house prices in Finland, with the response to a balance sheet shock being smaller and fading out faster. The peak of the effect of a policy rate shock on house prices in Finland arrives faster than in the whole euro area but the magnitudes of the peak impact are similar. The effect of a balance sheet shock on house prices is not notably different in Finland to what it is in the whole euro area.
  • Publisher: London: BICEPS/SSE Riga
  • Language: English
  • Identifier: ISSN: 1406-099X
    ISSN: 2334-4385
    EISSN: 2334-4385
    DOI: 10.1080/1406099X.2020.1792085
  • Source: Open Access: DOAJ Directory of Open Access Journals
    Taylor & Francis Open Access
    AUTh Library subscriptions: ProQuest Central
    CEEOL: Open Access
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