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[{"key": "dc.contributor.advisor", "value": "Lehkonen, Heikki", "language": null, "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Zhang, Patric", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2024-07-02T13:44:07Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2024-07-02T13:44:07Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2024", "language": null, "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/96281", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "This master\u2019s thesis focuses on the effects of conventional and unconventional mone-tary policies on Euro area housing markets. The financial crisis of 2008 originated from over-heated U.S housing markets, where the initial problems in the housing markets had tremendous spill-over effects on the whole global economy. Housing accounts for over half of the Euro area household net worth (ECB, 2020b), and is usually acquired through bank debt financing, thus fluctuations in the Euro area housing prices can have contagious effects on the whole financial system. \n\nAfter the crisis, the key interest rates were near or below zero, and the European Cen-tral Bank (ECB) started its Quantitative Easing (QE) programs. The Euro area sovereign debt crisis also expanded the ECB\u2019s balance sheet. Like Rosenberg (2020) and Elbourne et al. (2018), this expansionary monetary policy is defined as unconventional monetary policy in this paper, and conventional monetary policy is seen as changes in the short-term interest rate.\n\nThis master\u2019s thesis examines the impacts of traditional and unconventional monetary policy on European housing markets using a Vector Autoregression (VAR) model. This model has been applied to Euro area aggregate , Germany, and Italy. The findings of this study, which differ somewhat from previous research, suggest that the expansion of the ECB\u2019s balance sheet does not significantly impact residential property prices in the Euro area. However, policy rate shocks appear to have a more persistent effect. These results have significant implications, indicating that conventional monetary poli-cy shocks may have a more enduring and potent effect on economic indicators than ex-pansionary unconventional monetary policy measures.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "T\u00e4ss\u00e4 pro gradu -tutkielmassa k\u00e4yd\u00e4\u00e4n l\u00e4pi tavanomaisten ja ep\u00e4tavanomaisten rahapo-liittisten toimenpiteiden vaikutuksia Euroalueen asuntomarkkinoihin. Asuntovaralli-suus on yli puolet Euroalueen kotitalouksien nettovarallisuudesta (ECB, 2020b), ja sen rahoittamisiseen k\u00e4ytet\u00e4\u00e4n l\u00e4ht\u00f6kohtaisesti asuntolainoja. N\u00e4in ollen Euroalueen asun-tojen hintojen vaihtelu voi vaikuttaa koko Euroalueen rahoitusj\u00e4rjestelm\u00e4\u00e4n.\n\nFinanssikriisin j\u00e4lkeen ohjauskorot olivat hyvin l\u00e4hell\u00e4 nollaa, jopa negatiivisia. T\u00e4ss\u00e4 korkoymp\u00e4rist\u00f6ss\u00e4 pelkill\u00e4 korkojen laskemisella ei v\u00e4ltt\u00e4m\u00e4tt\u00e4 ole toivottuja taloudelli-sia vaikutuksia. T\u00e4ten Euroopan keskuspankki (EKP) aloitti m\u00e4\u00e4r\u00e4llisen elvytyksen oh-jelmat. Finanssikriisin j\u00e4lkeisten m\u00e4\u00e4r\u00e4llisten elvytystoimien lis\u00e4ksi my\u00f6s Euroalueen velkakriisi kasvatti EKP:n taseen kokoa. Kuten Rosenberg (2020) ja Elbourne et al. (2018) osoittivat, my\u00f6s t\u00e4ss\u00e4 tutkielmassa ep\u00e4tavanomainen rahapolitiikka katsotaan olevan EKP:n ekspansiivinen rahapolitiikka. Sen sijaan tavanomaisen rahapolitiikan katsotaan olevan muutokset lyhyen aikav\u00e4lin ohjauskoroissa. \n\nT\u00e4ss\u00e4 ty\u00f6ss\u00e4 ekspansiivisen rahapolitiikan ja lyhyen aikav\u00e4lin korkojen vaikutuksia eu-roalueen asuntomarkkinoihin on analysoitu Vektoriautoregressiivisen (VAR) mallin avulla. Mallia on sovellettu Euroalueen aggregaatin, Saksan ja Italian asuntomarkkinoi-den osalta. T\u00e4m\u00e4n tutkimuksen tulokset eroavat jonkin verran aiemmasta kirjallisuu-desta, ja tulokset viittaavat siihen, ett\u00e4 EKP:n taseen laajentumisella ei ole tilastollisesti merkitsev\u00e4\u00e4 vaikutusta euroalueen asuntojen hintoihin. Sen sijaan ohjauskoron muu-tokset n\u00e4ytt\u00e4v\u00e4t vaikuttavan asuntojen hintoihin pysyv\u00e4mmin. N\u00e4m\u00e4 tulokset viittaavat siihen, ett\u00e4 tavanomaisten rahapoliittisten toimien vaikutukset ovat pysyv\u00e4mpi\u00e4 ja voi-makkaampia taloudellisten indikaattorien suhteen, kuin ep\u00e4tavanomaisten rahapoliit-tisten toimenpiteiden vaikutukset. J\u00e4lkimm\u00e4inen tulos on yhtenev\u00e4inen aikaisemman kirjallisuuden kanssa.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by jyx lomake-julkaisija (jyx-julkaisija.group@korppi.jyu.fi) on 2024-07-02T13:44:06Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2024-07-02T13:44:07Z (GMT). No. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "74", "language": null, "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.title", "value": "The effects of conventional and unconventional monetary policies on the Euro area housing market", "language": null, "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-202407025109", "language": null, "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "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.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": "Master's Degree Programme in Banking and International Finance", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Master's Degree Programme in Banking and International Finance", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.copyright", "value": "\u00a9 The Author(s)", "language": null, "element": "rights", "qualifier": "copyright", "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.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"}]
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