{
  "title": "Interest Rate Elasticity of Residential Housing Prices",
  "publication": "IMF Working Papers, October 1, 2008",
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  "summary": "We examine the interest rate elasticity of housing prices, advancingthe empirical literature in two directions. First, we take a commonly used cross-country panel dataset and evaluate the housing price equation using a consistent estimator in the presence of endogenous explanatory variables and a la",
  "sections": [
    {
      "heading": "Research question and scope",
      "content": "- Examines the interest rate elasticity of housing prices.\n- Advances the empirical literature in two directions:\n  - Uses a commonly used cross-country panel dataset and evaluates the housing price equation using a consistent estimator in the presence of endogenous explanatory variables and a lagged dependent variable.\n  - Carries out a novel analysis of determinants of residential housing prices in a cross-section of countries."
    },
    {
      "heading": "Key findings",
      "content": "- The short-term interest rate, and hence monetary policy, has a sizable impact on residential housing prices."
    },
    {
      "heading": "Methodology highlights",
      "content": "- Cross-country panel dataset analysis with a consistent estimator that accounts for:\n  - Endogenous explanatory variables.\n  - A lagged dependent variable.\n- Novel cross-sectional analysis of determinants of residential housing prices across countries."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Housing, Housing prices, Mortgages, Real estate prices, Short term interest rates\n- Keywords: elasticity, GDP, housing price, interest rate, price, quote, WP"
    },
    {
      "heading": "Implications",
      "content": "- Monetary policy, via short-term interest rates, can have a sizable influence on residential housing prices, implying that central bank interest-rate decisions are an important determinant of housing market dynamics.\n\nIMF Working Paper — Interest Rate Elasticity of Residential Housing Prices (Working Paper No. 2008/247), authors: Plamen K Iossifov, Martin Cihak, Amar Shanghavi.\n\n---\n\n Content in this bundle\n\n- wp08247\n  - wp08247 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp08247 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/interest-rate-elasticity-of-residential-housing-prices-22378"
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    "Authors: Plamen K Iossifov, Martin Cihak, Amar Shanghavi",
    "Published: October 1, 2008",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451871050.001",
    "Examines the interest rate elasticity of housing prices.",
    "Advances the empirical literature in two directions:",
    "The short-term interest rate, and hence monetary policy, has a sizable impact on residential housing prices.",
    "Cross-country panel dataset analysis with a consistent estimator that accounts for:",
    "Novel cross-sectional analysis of determinants of residential housing prices across countries.",
    "Subject: Housing, Housing prices, Mortgages, Real estate prices, Short term interest rates",
    "Keywords: elasticity, GDP, housing price, interest rate, price, quote, WP",
    "Monetary policy, via short-term interest rates, can have a sizable influence on residential housing prices, implying that central bank interest-rate decisions are an important determinant of housing market dynamics.",
    "**_wp08247**"
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