Euro area house prices and unconventional monetary policy surprises

Hülsewig, Oliver; Rottmann, Horst

doi:10.1016/j.econlet.2021.109962

Cited by 7 publications

(2 citation statements)

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“…For house prices the opposite occurs, with the peak response to unconventional shocks being around twice the response to conventional shocks (almost 0.3 after 1 year versus slightly more than 0.1 percent after three years, respectively). The impact of a conventional monetary policy shock on house prices reported in the literature generally varies between 0 and 0.6 percent, with our estimate being close to the lower end of this range (see, e.g., Musso, Neri and Stracca, 2011;Nocera and Roma, 2017;Zhu, Betzinger and Sebastian, 2017;Huber and Punzi, 2020;Hülsewig and Rottmann, 2021).…”

Section: The Housing Channel Of Monetary Policysupporting

confidence: 60%

Navigating the Housing Channel of Monetary Policy Across Euro Area Regions

Battistini¹,

Falagiarda

Hackmann³

et al. 2022

SSRN Journal

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Section: The Housing Channel Of Monetary Policysupporting

confidence: 60%

Navigating the Housing Channel of Monetary Policy Across Euro Area Regions

Battistini¹,

Falagiarda

Hackmann³

et al. 2022

SSRN Journal

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“…Hülsewig and Rottmann (2021) use the same shock series to explore the reaction of euro area house prices to monetary policy surprises.15 The approach ofKerssenfischer (2019) is related to that ofJarociński and Karadi (2020), even though, it is based on different data and econometric methodology.© 2022 The Authors. Oxford Bulletin of Economics and Statistics published by Oxford University and John Wiley & Sons Ltd.…”

mentioning

confidence: 99%

Euro Area Periphery Countries' Fiscal Policy and Monetary Policy Surprises*

Hülsewig

Rottmann

2022

Oxf Bull Econ Stat

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We estimate local projections to explore how fiscal policy in euro area periphery countries responds to monetary policy shocks that lower sovereign bond yields. In particular, we assess whether the disciplining effect of financial markets on public finances is undermined by the ability of monetary policy to affect the conditions of external funds. We find that the fiscal balance, on average, improves in response to monetary policy surprises that bring down yields on sovereign bonds.JEL Classification numbers: E52, E62, H62. *We are grateful to Francesco Zanetti, two anonymous referees, Peter Egger, Benjamin Born, Gerhard Illing, Stefan Pichler and Peter Zorn for valuable comments and helpful suggestions. We also thank the participants of the KOF research seminar and the LMU macroeconomic research seminar for fruitful discussions. The usual disclaimer applies.

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