The Effect of US Monetary Policy on International Housing Prices: 1985-2015

• Main Authors: Wei-Jiun Chen, 陳韋君
• Other Authors: David Kleykamp
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/d6kn88

碩士 === 淡江大學 === 美洲研究所碩士班 === 104 === The purpose of this research is to identify (i) whether there is an effect on International housing prices from the Fed monetary policy. (ii) The effect on International housing price from Fed monetary policy is direct or indirect. We use quarterly data from Dallas fed bank which includes Canada, Germany, Spain, French, UK, Ireland, Italy, Japan and South Korea from 1985 to 2015.By applying 5 different estimation methods with adjusted term structure that focusing on the complex interest rate instead of neither long term interest rate nor short term interest rate on the effect on International housing price from Fed monetary policies. We found out that Fed monetary policy can influence international housing price both direct and indirect. The direct way is caused by the change of interest rate and capital flow with the money supply. The indirect way is caused by the confident that people have to economic prospered changes and the potential expectation in the foreign monetary policies. The monetary policy will cause further effect especially when housing is financialized.