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Record Nr. |
UNINA9910788343903321 |
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Autore |
Iossifov Plamen |
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Titolo |
Interest Rate Elasticity of Residential Housing Prices / / Plamen Iossifov, Martin Cihak, Amar Shanghavi |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2008 |
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ISBN |
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1-4623-0735-3 |
1-4527-6118-3 |
9786612841989 |
1-4518-7105-8 |
1-282-84198-X |
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Descrizione fisica |
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1 online resource (34 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/08/247 |
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Altri autori (Persone) |
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CihakMartin |
ShanghaviAmar |
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Disciplina |
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Soggetti |
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Interest rates - Econometric models |
Elasticity (Economics) - Econometric models |
Housing - Prices - Econometric models |
Banks and Banking |
Infrastructure |
Real Estate |
Industries: Financial Services |
Housing Supply and Markets |
Economic Development: Urban, Rural, Regional, and Transportation Analysis |
Housing |
Interest Rates: Determination, Term Structure, and Effects |
Real Estate Markets, Spatial Production Analysis, and Firm Location: General |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Property & real estate |
Macroeconomics |
Finance |
Housing prices |
Short term interest rates |
Real estate prices |
Prices |
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Saving and investment |
Interest rates |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. Literature Overview; III. Regression Analysis; A. Choice of Explanatory Variables; B. Panel Data Regression Analysis; Tables; 1. 3SLS Estimates of the Residential Housing Price Equation in First-Differences; C. Cross-Section Regression Analysis; 2. OLS Estimates of the Housing Price Equation Using Cross-Country Data; D. Preferred Estimate of the Interest Rate Elasticity of Housing Prices; IV. Conclusion; References; Appendices; I. Survey of Studies of Determinants of Housing Prices; II. Variables Definitions and Data Sources; Appendix Tables |
1. Variables Definitions and Data SourcesAppendix Figures; 1. Real Residential Housing Price Indices, 1980-2007; 2. Scatter Plots of Residential Housing Prices on Fundamental Determinants; III. Additional Regression Output; 2. Within (Fixed Effects) Estimates of the Residential Housing Price Equation; 3. OLS and Within Estimates of Unrestricted Residential Housing Price Equation; 4. IV and GMM Panel Data Estimates of the Residential Housing Price Equation in First- Differences; 5. OLS Estimates of the Effect of Fundamentals on Residential Housing Prices in Cross- Country Data |
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Sommario/riassunto |
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We examine the interest rate elasticity of housing prices, advancingthe empirical literature in two directions. First, we take a commonly used cross-country panel dataset and evaluate the housing price equation using a consistent estimator in the presence of endogenous explanatory variables and a lagged dependent variable. Second, we carry-out a novel analysis of determinants of residential housing prices in a cross-section of countries. Our results show that the short-term interest rate, and hence monetary policy, has a sizable impact on residential housing prices. |
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