The Impact of Unconventional Monetary Policy on Real Estate Markets

摘要: We use a structural factor-augmented VAR and novel daily dataset to assess the effects of unconventional monetary policy on housing real estate markets. Findings indicate that expansionary shocks lower key market interest rates; raise returns homebuilder REIT stocks; reduce insurance costs for subprime mortgage-backed commercial debt; increase sentiment. While are sizable, they differ across US geographies most efficacious distressed Finally, attenuate quickly, suggesting successive rounds easing may be necessary during times economic weakness.