LEADER 03927nam 2200685 450 001 9910463613403321 005 20170821160705.0 010 $a1-4623-0735-3 010 $a1-4527-6118-3 010 $a9786612841989 010 $a1-4518-7105-8 010 $a1-282-84198-X 035 $a(CKB)3170000000055135 035 $a(EBL)1608047 035 $a(SSID)ssj0000944150 035 $a(PQKBManifestationID)11612520 035 $a(PQKBTitleCode)TC0000944150 035 $a(PQKBWorkID)10982598 035 $a(PQKB)11250525 035 $a(OCoLC)762552631 035 $a(MiAaPQ)EBC1608047 035 $a(EXLCZ)993170000000055135 100 $a20140227h20082008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInterest rate elasticity of residential housing prices /$fPlamen Iossifov, Martin C?iha?k, and Amar Shanghavi ; authorized for distribution by Cyrille Brianc?on 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (34 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/247 300 $aDescription based upon print version of record. 311 $a1-4519-1558-6 320 $aIncludes bibliographical references. 327 $aContents; 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 327 $a1. 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 330 $aWe examine the interest rate elasticity of housing prices, advancingthe empirical literature in two directions. First, we take a commonly used cross-country panel dataset and evaluate the housing price equation using a consistent estimator in the presence of endogenous explanatory variables and a lagged dependent variable. Second, we carry-out a novel analysis of determinants of residential housing prices in a cross-section of countries. Our results show that the short-term interest rate, and hence monetary policy, has a sizable impact on residential housing prices. 410 0$aIMF Working Papers 606 $aInterest rates$xEconometric models 606 $aElasticity (Economics)$xEconometric models 606 $aHousing$xPrices$xEconometric models 608 $aElectronic books. 615 0$aInterest rates$xEconometric models. 615 0$aElasticity (Economics)$xEconometric models. 615 0$aHousing$xPrices$xEconometric models. 676 $a332.82 700 $aIossifov$b Plamen$0874349 701 $aC?iha?k$b Martin$0873075 701 $aShanghavi$b Amar$0874350 701 $aBrianc?on$b Cyrille$0874351 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463613403321 996 $aInterest rate elasticity of residential housing prices$91952249 997 $aUNINA