货币政策在产权市场上的区域影响(pdf 17)

1. Introduction
 
    The main objective of this paper is to measure and interpret the dynamic effects of monetary policy on price formation in regional property markets. Analyzing regional responses to monetary policy in the property market is an important issue in economic policy. It is important to address efficiency of monetary policy in a context of regional heterogeneity as housing is a critical channel of monetary transmission and a leading indicator in the business cycle.

     This paper raises two questions. Firstly, whether and to what extent monetary policy has an asymmetric price effect across regional housing markets. Secondly, given that an asymmetric price effect exists in terms of magnitude and duration, how can we explain a heterogeneous regional response to monetary policy? We then analyze the nature of the transitory mechanism through which policy causes varying outcome across regions. These two issues are addressed in a Swedish context in this paper.

     The topic of the paper is complex in nature due to various transformation channels for monetary policy and the speculative characteristics of the property market. The main reason for this approach is that housing is a complex commodity characterized by heterogeneity, durability and being spatially fixed. Households have various price and income elasticities and normally have to borrow money to finance a durable and costly housing consumption. Housing stock is spatial in character and confined to individual locations and hence housing supply is limited by land availability and regulation. In this consideration, various regional impacts of monetary policy in property market are the result of an interaction between housing demand and supply. In order to understand heterogeneous price responses in regional property markets we need to capture information from housing consumption behavior as well as from the

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