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Housing Prices and Monetary Policy

Author

Listed:
  • Natasha Rovo

    (LUISS Guido Carli University)

Abstract

Housing, credit and money turn out to be an essential triad for the assessment of the health of the economy, a trio in which each element is endogenously linked to the other. In order to maintain the balance within this relationship, policy makers could use monetary policy itself, through its main instrument (the policy rate), or they could introduce a secondary instrument which directly acts on the root of the problem (namely the counter-cyclical loan-to-value ratio), thus also ensuring the proper functioning of the third element of the above mentioned triad (monetary policy).

Suggested Citation

  • Natasha Rovo, 2014. "Housing Prices and Monetary Policy," Rivista Bancaria - Minerva Bancaria, Istituto di Cultura Bancaria Francesco Parrillo, issue 2-3, March - J.
    • Handle: RePEc:rvs:bancar:14_2-3_4
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    More about this item

    Keywords

    House prices; monetary policy; credit; macro prudential policy;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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