Monetary Policy and House Prices at Risk: Evidence from China

被引：0
|
作者：
Zhang, Licheng [1 ]
机构：
[1] Southern Univ Sci & Technol, Shenzhen, Peoples R China
来源：
ANNALS OF ECONOMICS AND FINANCE | 2024年 / 25卷 / 02期
关键词：
China; Monetary policy; House prices at risk; Downside risks; Local projections; MONEY;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper studies the effects of the M2 money supply shock on the downside risks to house prices in China, using local projections and smooth local projections. We rely on measures of house prices at risk and downside entropy to capture the downside risks to house prices. Our results show that M2 monetary stimulus positively impacts house prices and can help mitigate downside risks to house prices. We investigate the monetary transmission mechanism through investment and find that the monetary stimulus shock boosts investment and benefits house prices. Our results suggest that monetary policy is an effective tool for managing downside risks to house prices in China.
引用
收藏
页码：741 / 753
页数：13
相关论文
共 50 条
  • [41] The effects of conventional and unconventional monetary policy on house prices in the Scandinavian countries
    Rosenberg, Signe
    JOURNAL OF HOUSING ECONOMICS, 2019, 46
  • [42] Commodity Prices, Inflationary Pressures, and Monetary Policy: Evidence from BRICS Economies
    Mallick, Sushanta K.
    Sousa, Ricardo M.
    OPEN ECONOMIES REVIEW, 2013, 24 (04) : 677 - 694
  • [43] THE RELATIONSHIP BETWEEN MONETARY POLICY AND ASSET PRICES: EVIDENCE FROM THE TURKISH ECONOMY
    Sahin Kutlu, Seyma
    Darici, Burak
    INTERNATIONAL JOURNAL OF CONTEMPORARY ECONOMICS AND ADMINISTRATIVE SCIENCES, 2021, 11 (01): : 15 - 45
  • [44] International Transmission of US Monetary Policy Shocks: Evidence from Stock Prices
    Ammer, John
    Vega, Clara
    Wongswan, Jon
    JOURNAL OF MONEY CREDIT AND BANKING, 2010, 42 (06) : 179 - 198
  • [45] Monetary policy on twitter and asset prices: Evidence from computational text analysis
    Luedering, Jochen
    Tillmann, Peter
    NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, 2020, 51
  • [46] Optimal Monetary Policy Rules and House Prices: The Role of Financial Frictions
    Notarpietro, Alessandro
    Siviero, Stefano
    JOURNAL OF MONEY CREDIT AND BANKING, 2015, 47 : 383 - 410
  • [47] The Role of House Prices and Transactions in Monetary Policy Transmission: The Case of Italy
    Fiorelli, Cristiana
    Marzano, Elisabetta
    Piselli, Paolo
    Rubinacci, Roberta
    ITALIAN ECONOMIC JOURNAL, 2024,
  • [48] Commodity Prices, Inflationary Pressures, and Monetary Policy: Evidence from BRICS Economies
    Sushanta K. Mallick
    Ricardo M. Sousa
    Open Economies Review, 2013, 24 : 677 - 694
  • [49] MONETARY POLICY AND PRICES
    Warren, G. F.
    Pearson, F. A.
    JOURNAL OF FARM ECONOMICS, 1935, 17 (02): : 219 - 239
  • [50] Monetary policy uncertainty, market structure and bank risk-taking: Evidence from China
    Ge, Xinyu
    Liu, Yan
    Zhuang, Jiali
    FINANCE RESEARCH LETTERS, 2023, 52
12345