House prices and monetary policy

Detalhes bibliográficos
Autor(a) principal: Brito, Paulo
Data de Publicação: 2016
Outros Autores: Marini, Giancarlo, Piergallin, Alessandro
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Texto Completo: http://hdl.handle.net/10400.5/30490
Resumo: This paper analyzes global dynamics in an overlapping generations general equilibrium model with housing-wealth effects. It demonstrates 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 proves that booms or busts cannot be ruled out by interest-rate feedback rules responding to both inflation and house prices
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spelling House prices and monetary policyHouse PricesHousing-Wealth EffectsMonetary Policy RulesEquilibrium DynamicsGlobal DeterminacyHeteroclinic OrbitsThis paper analyzes global dynamics in an overlapping generations general equilibrium model with housing-wealth effects. It demonstrates 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 proves that booms or busts cannot be ruled out by interest-rate feedback rules responding to both inflation and house pricesMPRA - Munich Personal RePEc ArchiveRepositório da Universidade de LisboaBrito, PauloMarini, GiancarloPiergallin, Alessandro2024-03-27T11:56:30Z20162016-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/30490engBrito, Paulo; Giancarlo Marin and Alessandro Piergallini .(2016). “House prices and monetary policy”, MPRA - Working Paper No. 89577. 2016 .(Search PDF in 2024).info:eu-repo/semantics/openAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2025-03-17T16:27:46Zoai:repositorio.ulisboa.pt:10400.5/30490Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-29T04:15:40.270733Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv House prices and monetary policy
title House prices and monetary policy
spellingShingle House prices and monetary policy
Brito, Paulo
House Prices
Housing-Wealth Effects
Monetary Policy Rules
Equilibrium Dynamics
Global Determinacy
Heteroclinic Orbits
title_short House prices and monetary policy
title_full House prices and monetary policy
title_fullStr House prices and monetary policy
title_full_unstemmed House prices and monetary policy
title_sort House prices and monetary policy
author Brito, Paulo
author_facet Brito, Paulo
Marini, Giancarlo
Piergallin, Alessandro
author_role author
author2 Marini, Giancarlo
Piergallin, Alessandro
author2_role author
author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Brito, Paulo
Marini, Giancarlo
Piergallin, Alessandro
dc.subject.por.fl_str_mv House Prices
Housing-Wealth Effects
Monetary Policy Rules
Equilibrium Dynamics
Global Determinacy
Heteroclinic Orbits
topic House Prices
Housing-Wealth Effects
Monetary Policy Rules
Equilibrium Dynamics
Global Determinacy
Heteroclinic Orbits
description This paper analyzes global dynamics in an overlapping generations general equilibrium model with housing-wealth effects. It demonstrates 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 proves that booms or busts cannot be ruled out by interest-rate feedback rules responding to both inflation and house prices
publishDate 2016
dc.date.none.fl_str_mv 2016
2016-01-01T00:00:00Z
2024-03-27T11:56:30Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/30490
url http://hdl.handle.net/10400.5/30490
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Brito, Paulo; Giancarlo Marin and Alessandro Piergallini .(2016). “House prices and monetary policy”, MPRA - Working Paper No. 89577. 2016 .(Search PDF in 2024).
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv MPRA - Munich Personal RePEc Archive
publisher.none.fl_str_mv MPRA - Munich Personal RePEc Archive
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron:RCAAP
instname_str FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron_str RCAAP
institution RCAAP
reponame_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
repository.mail.fl_str_mv info@rcaap.pt
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