住房市场连通性与货币政策传导

IF 1.3 4区经济学 Q2 ECONOMICS

Economic Inquiry Pub Date : 2025-04-17 DOI:10.1111/ecin.13292

Woo Suk Lee, Eunseong Ma

{"title":"住房市场连通性与货币政策传导","authors":"Woo Suk Lee, Eunseong Ma","doi":"10.1111/ecin.13292","DOIUrl":null,"url":null,"abstract":"<p>This paper investigates whether interconnectivity among local housing markets influences the effectiveness of the (United States) U.S. monetary transmission mechanism. We construct measures of housing market connectedness and employ a state-dependent local projection method to estimate nonlinear impulse responses of macroeconomic variables to monetary policy (MP) shocks. The findings show that MP has a greater impact when regional housing markets are more synchronized. Higher interconnectivity amplifies spillover effects across local markets, enhancing MP effectiveness. Additionally, we find that MP is particularly effective when highly connected states experience economic expansion.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"961-984"},"PeriodicalIF":1.3000,"publicationDate":"2025-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13292","citationCount":"0","resultStr":"{\"title\":\"Housing market connectedness and transmission of monetary policy\",\"authors\":\"Woo Suk Lee, Eunseong Ma\",\"doi\":\"10.1111/ecin.13292\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This paper investigates whether interconnectivity among local housing markets influences the effectiveness of the (United States) U.S. monetary transmission mechanism. We construct measures of housing market connectedness and employ a state-dependent local projection method to estimate nonlinear impulse responses of macroeconomic variables to monetary policy (MP) shocks. The findings show that MP has a greater impact when regional housing markets are more synchronized. Higher interconnectivity amplifies spillover effects across local markets, enhancing MP effectiveness. Additionally, we find that MP is particularly effective when highly connected states experience economic expansion.</p>\",\"PeriodicalId\":51380,\"journal\":{\"name\":\"Economic Inquiry\",\"volume\":\"63 3\",\"pages\":\"961-984\"},\"PeriodicalIF\":1.3000,\"publicationDate\":\"2025-04-17\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13292\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economic Inquiry\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/ecin.13292\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Inquiry","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ecin.13292","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

本文研究了本地住房市场之间的互联性是否会影响美国货币传导机制的有效性。我们构建了住房市场连通性的度量，并采用状态相关的局部预测方法来估计宏观经济变量对货币政策冲击的非线性脉冲响应。研究结果表明，当区域房地产市场更加同步时，MP具有更大的影响。互联互通程度的提高放大了本地市场的溢出效应，提高了货币政策的有效性。此外，我们发现，当高度互联的国家经历经济扩张时，货币政策特别有效。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Housing market connectedness and transmission of monetary policy

查看原文本刊更多论文

Housing market connectedness and transmission of monetary policy

This paper investigates whether interconnectivity among local housing markets influences the effectiveness of the (United States) U.S. monetary transmission mechanism. We construct measures of housing market connectedness and employ a state-dependent local projection method to estimate nonlinear impulse responses of macroeconomic variables to monetary policy (MP) shocks. The findings show that MP has a greater impact when regional housing markets are more synchronized. Higher interconnectivity amplifies spillover effects across local markets, enhancing MP effectiveness. Additionally, we find that MP is particularly effective when highly connected states experience economic expansion.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Economic Inquiry ECONOMICS-

CiteScore

3.80

自引率

5.60%

发文量

期刊介绍： Published since 1962, (formerly Western Economic Journal), EI is widely regarded as one of the top scholarly journals in its field. Besides containing research on all economics topic areas, a principal objective is to make each article understandable to economists who are not necessarily specialists in the article topic area. Nine Nobel laureates are among EI long list of prestigious authors.