05691oam 22011774 450 991078834390332120230721045617.01-4623-0735-31-4527-6118-397866128419891-4518-7105-81-282-84198-X(CKB)3170000000055135(EBL)1608047(SSID)ssj0000944150(PQKBManifestationID)11612520(PQKBTitleCode)TC0000944150(PQKBWorkID)10982598(PQKB)11250525(OCoLC)762552631(MiAaPQ)EBC1608047(IMF)WPIEE2008247(EXLCZ)99317000000005513520020129d2008 uf 0engur|n|---|||||txtccrInterest Rate Elasticity of Residential Housing Prices /Plamen Iossifov, Martin Cihak, Amar ShanghaviWashington, D.C. :International Monetary Fund,2008.1 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 Papers; Working Paper ;No. 2008/247Interest ratesEconometric modelsElasticity (Economics)Econometric modelsHousingPricesEconometric modelsBanks and BankingimfInfrastructureimfReal EstateimfIndustries: Financial ServicesimfHousing Supply and MarketsimfEconomic Development: Urban, Rural, Regional, and Transportation AnalysisimfHousingimfInterest Rates: Determination, Term Structure, and EffectsimfReal Estate Markets, Spatial Production Analysis, and Firm Location: GeneralimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfProperty & real estateimfMacroeconomicsimfFinanceimfHousing pricesimfShort term interest ratesimfReal estate pricesimfPricesimfSaving and investmentimfInterest ratesimfUnited StatesimfInterest ratesEconometric models.Elasticity (Economics)Econometric models.HousingPricesEconometric models.Banks and BankingInfrastructureReal EstateIndustries: Financial ServicesHousing Supply and MarketsEconomic Development: Urban, Rural, Regional, and Transportation AnalysisHousingInterest Rates: Determination, Term Structure, and EffectsReal Estate Markets, Spatial Production Analysis, and Firm Location: GeneralBanksDepository InstitutionsMicro Finance InstitutionsMortgagesProperty & real estateMacroeconomicsFinanceHousing pricesShort term interest ratesReal estate pricesPricesSaving and investmentInterest rates332.82Iossifov Plamen1493491Cihak Martin1106217Shanghavi Amar1493492DcWaIMFBOOK9910788343903321Interest Rate Elasticity of Residential Housing Prices3716490UNINA