Instability and nonlinearity in the euro area Philipps curve
In: Working paper series 811
21 Ergebnisse
Sortierung:
In: Working paper series 811
In: GRUR international: Journal of European and International IP Law, Band 71, Heft 5, S. 393-394
ISSN: 2632-8550
Defence date: 18 November 2005 ; Examining Board: Prof. Mike Artis, supervisor ; Prof. Anindya Banerjee ; Prof. Denise Osborn, University of Manchester ; Prof. Gabriel Perez Quiroz, Economic Bureau of the President, Madrid ; First made available online 5 September 2016
BASE
In: Occasional paper series 22
In: ECB Working Paper No. 2147
SSRN
In: ECB Working Paper No. 2075
SSRN
Working paper
SSRN
Working paper
In: ECB Working Paper No. 804
SSRN
In: IMF Working Paper, S. 1-35
SSRN
In: IMF Working Papers, S. 1-34
SSRN
Working paper
The paper provides a systematic empirical analysis of the role of the housing market in the macroeconomy in the US and in the euro area. First, it establishes some stylised facts concerning key variables in the housing market, such as the real house price, residential investment and mortgage debt on the two sides of the Atlantic. Then, it presents evidence from Structural Vector Autoregressions (SVAR) by focusing on the effects of three structural shocks, (i) monetary policy, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that similarities overshadow di¤erences as far as the role of the housing market is concerned. We find evidence pointing in the direction of a stronger role for housing in the transmission of monetary policy shocks in the US, while the evidence is less clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area.
BASE
In: ECB Working Paper No. 1161
SSRN
In: ECB Working Paper No. 2021/2600
SSRN
In: Occasional paper series 53
In: ECB Working Paper No. 811
SSRN