03927nam 2200685 450 991046361340332120170821160705.01-4623-0735-31-4527-6118-397866128419891-4518-7105-81-282-84198-X(CKB)3170000000055135(EBL)1608047(SSID)ssj0000944150(PQKBManifestationID)11612520(PQKBTitleCode)TC0000944150(PQKBWorkID)10982598(PQKB)11250525(OCoLC)762552631(MiAaPQ)EBC1608047(EXLCZ)99317000000005513520140227h20082008 uy 0engur|n|---|||||txtccrInterest rate elasticity of residential housing prices /Plamen Iossifov, Martin Čihák, and Amar Shanghavi ; authorized for distribution by Cyrille Briançon[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (34 p.)IMF Working PapersIMF working paper ;WP/08/247Description based upon print version of record.1-4519-1558-6 Includes bibliographical references.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 Tables1. 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 DataWe 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.IMF Working PapersInterest ratesEconometric modelsElasticity (Economics)Econometric modelsHousingPricesEconometric modelsElectronic books.Interest ratesEconometric models.Elasticity (Economics)Econometric models.HousingPricesEconometric models.332.82Iossifov Plamen874349Čihák Martin873075Shanghavi Amar874350Briançon Cyrille874351MiAaPQMiAaPQMiAaPQBOOK9910463613403321Interest rate elasticity of residential housing prices1952249UNINA