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Contribution Details
| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | The Impact of Monetary Policy on Real Estate Prices |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 52 |
| Date | 2020 |
| Abstract Text | In this thesis we evaluate the effect of expansive monetary policy on house prices in 15 countries. We include time fixed effects in OLS regression to test whether adding time fixed effects increases the explanatory power of the regression. In the period where expansive monetary policy was present, it was not confirmed that the monetary policy had any significant effect on house prices. However, over the whole period 2005-2019:Q3, some common unobserved factor was indeed present. Overall, GDP and inflation rate are positively associated with HPI. On the other hand, unemployment rate is associated with negative growth of HPI. |
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