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Winfried Koeniger
Title
Prof. Dr.
Last Name
Koeniger
First name
Winfried
Email
winfried.koeniger@unisg.ch
Phone
+41 71 224 23 09
Now showing
1 - 4 of 4
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PublicationOn the Transmission of Monetary Policy to the Housing Market(Swiss National Bank, Working Papers 2021-06, 2022)Ramelet, Marc-AntoineWe provide empirical evidence on the heterogeneous transmission of monetary policy to the housing market across and within countries. We use household-level data from Germany, Italy and Switzerland together with the respective monetary policy shocks identified from high-frequency data. We find that the pass-through of monetary policy shocks to rates of newly originated (fixed-rate) mortgages is twice as strong in Switzerland than in Germany and Italy. After an accommodative monetary policy shock, this is associated in the housing market with a larger immediate, and persistent increase of transitions from renting to owning; a stronger decrease in rents; and an increase of the price-rent ratio. Within Italy, we find a stronger pass-through to mortgage rates, housing tenure transitions and the price-rent ratio in the northern regions that have been characterized in the literature as more financially developed than the southern regions.Type: journal article
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PublicationOn the Transmission of Monetary Policy to the Housing Market(Elsevier, )Ramelet, Marc-AntoineWe provide empirical evidence on the heterogeneous transmission of monetary policy to the housing market across and within countries. We use household-level data from Germany, Italy and Switzerland together with the respective monetary policy shocks identified from high-frequency data. We find that the pass-through of monetary policy shocks to rates of newly originated (fixed-rate) mortgages is twice as strong in Switzerland as in Germany and Italy. After an accommodative monetary policy shock, this is associated in the housing market with a larger immediate, and persistent increase of transitions from renting to owning; a stronger decrease in rents; and an increase of the price-rent ratio. Within Italy, we find a stronger pass-through to mortgage rates, housing tenure transitions and the price-rent ratio in the northern regions that have been characterized in the literature as more financially developed than the southern regions.Type: forthcomingJournal: European Economic Review
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PublicationType: monographJournal: SUERF - The European Money and Finance ForumIssue: No 125
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PublicationType: monographJournal: KOF Konjunkturforschungsstelle