dc.contributor.author | Robstad, Ørjan | |
dc.date.accessioned | 2018-04-25T12:59:14Z | |
dc.date.available | 2018-04-25T12:59:14Z | |
dc.date.issued | 2014 | |
dc.identifier.isbn | 978-82-7553-804-6 | |
dc.identifier.issn | 1502-8143 | |
dc.identifier.uri | http://hdl.handle.net/11250/2495980 | |
dc.description.abstract | This paper investigates the responses of house prices and household credit to monetary policy shocks in Norway, using Bayesian structural VAR models. I find that the effect of a monetary policy shock on house prices is large, while the effect on household credit is muted. This is consistent with a relatively small refinancing rate of the mortgage stock each quarter. Using monetary policy to guard against - financial instability by mitigating property-price movements may prove effective, but trying to mitigate household credit may prove costly in terms of GDP and inflation variation. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;5/2014 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | JEL: E32 | nb_NO |
dc.subject | JEL: E37 | nb_NO |
dc.subject | JEL: E44 | nb_NO |
dc.subject | JEL: E52 | nb_NO |
dc.subject | structural VAR | nb_NO |
dc.subject | house prices | nb_NO |
dc.subject | credit | nb_NO |
dc.subject | monetary policy | nb_NO |
dc.title | House Prices, Credit and the Effect of Monetary Policy in Norway: Evidence from Structural VAR Models | nb_NO |
dc.type | Working paper | nb_NO |
dc.description.version | publishedVersion | nb_NO |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | nb_NO |
dc.source.pagenumber | 25 | nb_NO |