| fullrecord |
[{"key": "dc.contributor.advisor", "value": "Junttila, Juha-Pekka", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Lyytinen, Laura", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2022-10-03T05:46:35Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2022-10-03T05:46:35Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2022", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/83406", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "T\u00e4m\u00e4 tutkimus arvioi m\u00e4\u00e4r\u00e4llisen elvytyksen vaikutusta kiinteist\u00f6jen hintoihin Yhdysvalloissa ja euroalueella vuosina 2003\u20132021. Yht\u00e4aikainen kiinteist\u00f6jen hintojen nousu ja keskuspankkien elvytt\u00e4v\u00e4 rahapolitiikka on her\u00e4tt\u00e4nyt kysymyksi\u00e4 n\u00e4iden muuttujien v\u00e4lisest\u00e4 yhteydest\u00e4. T\u00e4m\u00e4 tutkimus hy\u00f6dynt\u00e4\u00e4 faktorianalyysiin perustuvaa vektoriautoregressiivist\u00e4 mallia sek\u00e4 72 muuttujan tutkimusaineistoa eritell\u00e4kseen keskuspankkien laajojen arvopaperiostojen vaikutuksia kiinteist\u00f6jen hinnanmuodostukseen. Vaikutuksia \narvioidaan erikseen asuin- ja liikekiinteist\u00f6sektoreiden osalta.\n\nTulokset paljastavat, ett\u00e4 Yhdysvaltain keskuspankin harjoittama m\u00e4\u00e4r\u00e4llinen elvytys on keskeinen tekij\u00e4 maan asuinkiinteist\u00f6jen hinnanmuodostuksessa, erityisesti finanssikriisin j\u00e4lkeen. Tulos s\u00e4ilyy voimassa silloinkin, kun siit\u00e4 poistetaan makrotaloutta ja kiinteist\u00f6jen hinnanmuodostusta kuvaavien faktorimuuttujien vaikutus. M\u00e4\u00e4r\u00e4llinen elvytys n\u00e4ytt\u00e4\u00e4 olevan erillinen kiinteist\u00f6jen hintoihin vaikuttava kanavansa, joka on erotettavissa tavanomaisen rahapolitiikan vaikutuskanavista. Euroopan keskuspankin taseen vaihtelut eiv\u00e4t puolestaan n\u00e4yt\u00e4 vaikuttavan euroalueen asuinkiinteist\u00f6jen hintoihin. Vaikka m\u00e4\u00e4r\u00e4llinen elvytys n\u00e4ytt\u00e4\u00e4 vaikuttavan sek\u00e4 Yhdysvaltojen ett\u00e4 euroalueen liikekiinteist\u00f6jen hintoihin kahden muuttujan vektoriautoregressiivisess\u00e4 mallissa, vaikutus h\u00e4vi\u00e4\u00e4, kun malliin lis\u00e4t\u00e4\u00e4n faktorimuuttujat. T\u00e4m\u00e4 osoittaa faktorianalyysin merkityksen rahapolitiikan tutkimuksessa.\n\nYhdysvaltojen asuinkiinteist\u00f6jen hintojen suurempi reaktio m\u00e4\u00e4r\u00e4lliseen elvytykseen verrattuna euroalueeseen on odotettua. Ensinn\u00e4kin Yhdysvaltain keskuspankki on antanut maansa asuntolainamarkkinoille enemm\u00e4n tukea kuin Euroopan keskuspankki johtuen\nkeskuspankkien erilaisista prioriteeteist\u00e4. Toiseksi rahallisella tuella voi olla suurempi vaikutus markkinoilla, joissa on Yhdysvaltain kaltaiset pitk\u00e4lle velkavivutetut ja arvopaperistetut lainamarkkinat. Yhdysvaltojen liikekiinteist\u00f6sektorin vaimeampi reaktio m\u00e4\u00e4r\u00e4lliseen elvytykseen on loogista, koska tuki suunnattiin enimm\u00e4kseen asuinkiinteist\u00f6ille.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "This study assesses the impact of quantitative easing on real estate prices in the US and in the Euro area between the years 2003 and 2021. The recent real estate price inflation coinciding with the expansionary monetary policy of central banks has raised questions of the \ninterconnectedness of quantitative easing and real estate prices. This study employs the factor-augmented vector autoregressive model and a rich dataset of 72 variables to distinguish whether the large-scale asset purchases of central banks are causing changes in real estate prices. The effects are considered separately for the residential and the commercial real estate sectors.\n\nThe results reveal that quantitative easing of the Federal Reserve is a key driver of US house prices, especially after the Global Financial Crisis. This notion holds even after controlling the result for 32 factor variables reflecting real estate price formation and the macroeconomy. Also, quantitative easing seems to be a separate factor from other, conventional monetary policy channels impacting real estate prices. Interestingly, Euro area house prices are not affected by the balance sheet fluctuations of the European Central Bank. While both the US and the Euro area commercial real estate prices seem to be affected by quantitative easing in a standard bivariate vector autoregressive model, this impact is diminished after adding the factor variables to the model, proving the relevance of the factor-augmented model in monetary policy research. \n\nThe greater response of US house prices to quantitative easing compared to the Euro area is expected based on the previous literature. First, the Federal Reserve has provided significantly more aid to the mortgage market than the European Central Bank as the two central banks have somewhat different objectives. Second, the monetary aid might have a larger impact on mortgage markets that are highly leveraged and securitized, as the US market is. As the aid was directed mostly towards the residential \u2013 not commercial \u2013 real estate market, the more muted response of the US commercial real estate sector is logical.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Paivi Vuorio (paelvuor@jyu.fi) on 2022-10-03T05:46:35Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2022-10-03T05:46:35Z (GMT). No. of bitstreams: 0\n Previous issue date: 2022", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "73", "language": "", "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "unconventional monetary policy", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "quantitative easing", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "ep\u00e4tavanomainen rahapolitiikka", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "m\u00e4\u00e4r\u00e4llinen elvytys", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "The effect of quantitative easing on real estate prices", "language": "", "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202210034758", "language": "", "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Taloustiede", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Economics", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "2041", "language": "", "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "rahapolitiikka", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "kiinteist\u00f6t", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "keskuspankit", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "monetary policy", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "real property", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "central banks", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}, {"key": "dc.type.okm", "value": "G2", "language": null, "element": "type", "qualifier": "okm", "schema": "dc"}]
|