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Regionale Verteilungseffekte geldpolitischer Maßnahmen auf dem Immobilienmarkt
[The Regional Perspective of Housing Wealth Effects in the Low-Interest Phase]

Author

Listed:
  • Sören Gröbel

    (Cent. f angew. Wirtschaftsforsch. Münster)

  • Norbert Hiller

    (WL BANK)

Abstract

Zusammenfassung Derzeit reagiert die EZB mit anhaltender Niedrigzinspolitik auf deflationäre Preisentwicklungen und schwaches Wirtschaftswachstum. Während die Konsumgüterpreisinflation auf einem ungewöhnlich niedrigen Niveau verharrt, steigt die Vermögenspreisinflation unvermindert an. Betroffen sind insbesondere nichtfinanzielle Vermögensgüter wie Immobilien, deren Preise in jüngster Zeit vor allem in den Ballungsregionen stark gestiegen sind. Dort liegen aufgrund geringerer Angebotselastizitäten höhere nachfrageinduzierte Preiseffekte vor. Aus verteilungspolitischer Sicht ist diese Entwicklung bedenklich, werden Immobilien in Großstädten doch überwiegend von Mietern bewohnt.

Suggested Citation

  • Sören Gröbel & Norbert Hiller, 2017. "Regionale Verteilungseffekte geldpolitischer Maßnahmen auf dem Immobilienmarkt [The Regional Perspective of Housing Wealth Effects in the Low-Interest Phase]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 97(3), pages 219-226, March.
    • Handle: RePEc:spr:wirtsc:v:97:y:2017:i:3:d:10.1007_s10273-017-2111-8
    DOI: 10.1007/s10273-017-2111-8
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    More about this item

    JEL classification:

    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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