{"title":"货币政策对澳大利亚首都城市房价的影响:以澳大利亚为例","authors":"Greg Costello, P. Fraser, G. Macdonald","doi":"10.2139/ssrn.2307469","DOIUrl":null,"url":null,"abstract":"Using Australian national economic data and state level house prices we construct a structural vector autoregressive (SVAR) model to identify the impact of common monetary policy shocks on house prices both at national and state levels. Our results suggest that the impact of a shock to interest rates on national aggregate house prices is almost neutral. However, aggregation influences mask asymmetries in the responses of state capital city housing markets. Positive shocks to interest rates on capital city house prices exhibit significant asymmetries.","PeriodicalId":123484,"journal":{"name":"Asset Pricing 1","volume":"75 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2013-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Impact of Monetary Policy on Australian Capital City House Prices: The Case of Australia\",\"authors\":\"Greg Costello, P. Fraser, G. Macdonald\",\"doi\":\"10.2139/ssrn.2307469\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Using Australian national economic data and state level house prices we construct a structural vector autoregressive (SVAR) model to identify the impact of common monetary policy shocks on house prices both at national and state levels. Our results suggest that the impact of a shock to interest rates on national aggregate house prices is almost neutral. However, aggregation influences mask asymmetries in the responses of state capital city housing markets. Positive shocks to interest rates on capital city house prices exhibit significant asymmetries.\",\"PeriodicalId\":123484,\"journal\":{\"name\":\"Asset Pricing 1\",\"volume\":\"75 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2013-08-08\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asset Pricing 1\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2307469\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asset Pricing 1","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2307469","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
The Impact of Monetary Policy on Australian Capital City House Prices: The Case of Australia
Using Australian national economic data and state level house prices we construct a structural vector autoregressive (SVAR) model to identify the impact of common monetary policy shocks on house prices both at national and state levels. Our results suggest that the impact of a shock to interest rates on national aggregate house prices is almost neutral. However, aggregation influences mask asymmetries in the responses of state capital city housing markets. Positive shocks to interest rates on capital city house prices exhibit significant asymmetries.
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