Publication
House prices and monetary policy
| dc.contributor.author | Brito, Paulo | |
| dc.contributor.author | Marini, Giancarlo | |
| dc.contributor.author | Piergallini, Alessandro | |
| dc.date.accessioned | 2024-03-27T15:14:34Z | |
| dc.date.available | 2024-03-27T15:14:34Z | |
| dc.date.issued | 2012-08 | |
| dc.description.abstract | This paper analyzes global dynamics in an overlapping generations general equilibrium model with housing-wealth effects. It shows that monetary policy cannot burst rational bubbles in the housing market. Under monetary policy rules of the Taylor-type, there exist global self-fulfilling paths of house prices along a heteroclinic orbit connecting multiple equilibria. From bifurcation analysis, the orbit features a boom (bust) in house prices when monetary policy is more (less) active. The paper also demonstrates that boom or busts cannot be ruled out by interest-rate feedback rules responding to both inflation and house prices. | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.citation | Brito, Paulo; Giancarlo Marini and Alessandro Piergallini .(2012). “House prices and monetary policy “, CEIS Tor Vergata, Working Paper No. 250/ 2012. (Search PDF in 2024). | pt_PT |
| dc.identifier.issn | 2610-931X (Online) | |
| dc.identifier.uri | http://hdl.handle.net/10400.5/30495 | |
| dc.language.iso | eng | pt_PT |
| dc.publisher | CEIS Tor Vergata | Center for Economic and Information Studies | University of Rome | pt_PT |
| dc.relation.ispartofseries | CEIS Tor Vergata, Working Paper No. 250/ 2012.; | |
| dc.subject | House Prices | pt_PT |
| dc.subject | Housing-Wealth Effects | pt_PT |
| dc.subject | Monetary Policy Rules | pt_PT |
| dc.subject | Global Determinacy | pt_PT |
| dc.subject | Heteroclinic Orbits | pt_PT |
| dc.title | House prices and monetary policy | pt_PT |
| dc.type | working paper | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | workingPaper | pt_PT |