引导欧元区各地区货币政策的住房渠道

IF 2.8 2区经济学 Q1 ECONOMICS

European Economic Review Pub Date : 2024-11-16 DOI:10.1016/j.euroecorev.2024.104897

Niccolò Battistini , Matteo Falagiarda , Angelina Hackmann , Moreno Roma

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引用次数: 0

摘要

本文评估了房地产市场在整个欧元区货币政策传导中的作用。通过利用住房相关变量的新区域数据集，结构面板VAR分析表明，传统和非常规货币政策冲击有效地传播到经济，特别是住房部门，尽管不同地区的方式不同。一项正式的计量经济学分析将货币政策的这种异质影响与住房相关的长期区域经济和制度特征联系起来。分析表明，通过住房财富和资产负债表效应，住房渠道在货币政策向经济的传导中发挥了突出作用。此外，制度特征（固定利率抵押贷款的份额）和劳动收入的异质性有助于解释货币政策在地区间的传导。

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Navigating the housing channel of monetary policy across euro area regions

This paper assesses the role of the housing market in the transmission of monetary policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR analysis shows that conventional and unconventional monetary policy shocks propagate effectively to the economy, particularly to the housing sector, albeit in a heterogeneous fashion across regions. A formal econometric analysis relates this heterogeneous impact of monetary policy to housing-related long-run regional economic and institutional characteristics. The analysis indicates a prominent role for the housing channel in the transmission of monetary policy to the economy, via both housing wealth and balance sheet effects. Moreover, heterogeneity in institutional features (share of fixed-rate mortgages) and labour income help explain the transmission of monetary policy across regions.

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来源期刊

European Economic Review ECONOMICS-

CiteScore

4.70

自引率

3.60%

发文量

170

期刊介绍： The European Economic Review (EER) started publishing in 1969 as the first research journal specifically aiming to contribute to the development and application of economics as a science in Europe. As a broad-based professional and international journal, the EER welcomes submissions of applied and theoretical research papers in all fields of economics. The aim of the EER is to contribute to the development of the science of economics and its applications, as well as to improve communication between academic researchers, teachers and policy makers across the European continent and beyond.