Macroeconomic shocks and ripple effects in the Greater Paris Metropolis

Coën, Alain; Pourcelot, Alexis; Malle, Richard

doi:10.1016/j.jhe.2021.101823

Cited by 3 publications

(1 citation statement)

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“…In urban agglomerations with a higher degree of networked structure, the spillover effect of the central city was more dominant. Coën et al [ 32 ] used a spatial panel vector autoregressive model to analyze and discuss the ripple effects across housing submarkets. Results found that cities in the same cluster were interconnected rather than alone, and the contribution of each variable to housing prices varied by submarket.…”

Section: Literature Reviewmentioning

confidence: 99%

Spillover effect analysis of home-purchase limit policy on housing prices in large and medium-sized cities: Evidence from China

Guo

Niu

2023

PLoS ONE

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Home-purchase limit is a unique administrative housing policy of China and has non-negligible influences on the housing price. The objective of this study is to analyze the spillover effect of home-purchase limit policy on housing prices in 35 large and medium-sized cities. The panel data of these cities and the spatial Durbin model are employed in this study. The results indicate that the spillover effect of home-purchase limit policy is positive and significant in all of 35 cities. However, when we categorize these cities into high-risk, medium-risk, and low-risk based on housing price characteristics, the spillover effect of home-purchase limit policy is different. It is not significant in high-risk cities, is negatively significant in medium-risk cities, and is positively significant in low-risk cities. This paper suggests that local governments can pay more attention to the precise design and implementation of home-purchase limit policy, and maintain policy continuity to avoid further spillover fluctuations in housing prices.

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Section: Literature Reviewmentioning

confidence: 99%

Spillover effect analysis of home-purchase limit policy on housing prices in large and medium-sized cities: Evidence from China

Guo

Niu

2023

PLoS ONE

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Examining the bidirectional ripple effects in the NFT markets: Risky center or hedging center?

Zhang,

Naeem,

et al. 2024

Journal of Behavioral and Experimental Finance

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Monetary shocks and house prices in Europe

Coën,

Pourcelot

2024

JERER

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PurposeThe aim of this study is to analyse the effect of conventional and unconventional monetary policy shocks on housing price dynamics in Europe (2000–2020). We propose a pan-European comparative analysis at a city market level, contrary to the previous literature.Design/methodology/approachWe build a quarterly market dataset for 13 European cities (Paris, Lyon, Marseille, Berlin, Munich, Frankfurt, Amsterdam, Madrid, Barcelona, Seville, London, Birmingham and Manchester). We proceed in two steps. First, we develop a structural VAR (vector autoregression) model. Second, we conduct a forecast error variance decomposition analysis.FindingsWe show that a contractionary policy rate has a negative influence on house prices with relevant differences. A balance sheet shock displays a heterogeneous effect on housing prices. Globally, we observe that a conventional monetary policy shock explains a larger share of total housing price variance than an unconventional monetary policy shock. Finally, our results report that conventional and unconventional monetary policy shocks have a greater impact in more liberalized credit markets.Originality/valueWe develop a pan-European analysis of house prices at a market level for a sample of 13 European cities. A parsimonious structural VAR model is used to study the dynamics of conventional and unconventional monetary policies on house prices in major European markets: Paris, Lyon, Marseille, Berlin, Munich, Frankfurt, Amsterdam, Madrid, Barcelona, Seville, London, Birmingham and Manchester. Our results highlighting the relative importance of conventional and unconventional monetary shocks, identify the existence of heterogeneous effects of monetary policies in European city markets.

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Macroeconomic shocks and ripple effects in the Greater Paris Metropolis

Cited by 3 publications

References 47 publications

Spillover effect analysis of home-purchase limit policy on housing prices in large and medium-sized cities: Evidence from China

Spillover effect analysis of home-purchase limit policy on housing prices in large and medium-sized cities: Evidence from China

Examining the bidirectional ripple effects in the NFT markets: Risky center or hedging center?

Monetary shocks and house prices in Europe

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