Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/48233 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
HWWI Research Paper No. 2-19
Verlag: 
Hamburgisches WeltWirtschaftsInstitut (HWWI), Hamburg
Zusammenfassung: 
Most empirical studies found that monetary policy has a significant effect on house prices while stock markets remain unaffected by interest rate shocks. In this paper we conduct a more detailed analysis by studying various sub-segments of the real estate market. Em-ploying a new dataset for Switzerland we estimate vector autoregressive models and find substitution effects between house and apartment prices on the one hand and rental prices on the other. Interestingly enough, commercial property prices do not react on interest rate variations.
Schlagwörter: 
monetary policy
interest rate shocks
real estate
stock market
JEL: 
E43
E52
R21
Dokumentart: 
Working Paper

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