Antik Tanulmányok 46.

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Housing Market and Economics Monetary Policy and Economic Impact Economic theories and models

Abstract

A multi-region, dynamic stochastic general equilibrium (MRDSGE) model is built to show that differences in the price elasticity of housing supply can be related to stylized facts on regional differences in (1) house price level, (2) house price volatility, (3) monetary policy propagation mechanism and (4) household asset portfolio. In addition, regional house prices are found to move more closely with regional fundamentals than with the national GDP. The correlation between the national stock price and the regional housing price also vary significantly across regions, which suggests that optimal portfolio should be region specific.

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References

1993Discretion versus policy rules in practice 1983Staggered prices in a utility-maximizing framework 2005Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy 2005INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY 1996Staggered Prices in a Utility-Maximizing Framework 2010The Geographic Determinants of Housing Supply *2003Interest and prices : foundations of a theory of monetary policy 1995Home bias and high turnover

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