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How are residential property prices formed in Japan under different monetary policy regimes

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  • Takayasu Ito

Abstract

Three residential property prices in Tokyo, Nagoya, and Osaka co-move in two monetary policy regimes. No causality is found in the first period, but causality from Tokyo to Osaka is found in the second period. The three residential property prices move together, but independently in the first period. After the BOJ introduces strong non-traditional monetary policies such as quantitative and qualitative easing (QQE) and negative interest rate policy (NIRP), the three residential property prices move together through the transmission from Tokyo to Osaka. This paper possibly gives an international policy implication for other countries suffering from asset deflation.

Suggested Citation

  • Takayasu Ito, 2021. "How are residential property prices formed in Japan under different monetary policy regimes," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 14(4), pages 306-313.
    • Handle: RePEc:ids:ijmefi:v:14:y:2021:i:4:p:306-313
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    Cited by:

    1. Hummaira Jabeen, 2022. "Monetary Policy Shock Transmission in Emerging Markets," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 8(4), pages 379-390, December.

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