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Polityka pieniężna i ceny nieruchomości w krajach OECD w modelu losowych współczynników

Author

Listed:
  • Łukasz Goczek

    (Uniwersytet Warszawski)

  • Karol Partyka

    (Uniwersytet Warszawski)

Abstract

Celem artykułu jest zbadanie zróżnicowania reakcji polityki pieniężnej na zmiany cen nieruchomości. W tym celu szacujemy model empiryczny oparty o regułę Taylora na podstawie próbki kwartalnych danych z OECD dla krajów stosujących politykę celu inflacyjnego. Badamy zależność pomiędzy stopą procentową a czterema wskaźnikami cen nieruchomości. Z powodu znaczącego zróżnicowania polityki pieniężnej w badanych krajach używamy panelowego modelu losowych współczynników. Po uwzględnieniu inflacji i luki popytowej odrzucamy hipotezę, że zmiany cen nieruchomości miały znaczący wpływ na politykę pieniężną.

Suggested Citation

  • Łukasz Goczek & Karol Partyka, 2017. "Polityka pieniężna i ceny nieruchomości w krajach OECD w modelu losowych współczynników," Collegium of Economic Analysis Annals, Warsaw School of Economics, Collegium of Economic Analysis, issue 47, pages 101-112.
    • Handle: RePEc:sgh:annals:i:47:y:2017:p:101-112
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    References listed on IDEAS

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    More about this item

    Keywords

    reakcja polityki pieniężnej; rynek nieruchomości; model losowych współczynników; heterogeniczna polityka pieniężna;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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