金融自由化和住房价格对货币政策的敏感性-理论和实践（pdf 23）

Abstract
This paper analyses the impact that a process of financial liberalisation can have on the link between
monetary policy and house prices. In the first part of the paper we present a simple theoretical model of a
small open economy subject to credit constraints. The model shows that the higher is the degree of
financial liberalisation of the economy, the stronger is the impact of monetary policy shocks on house
prices. In the second part of the paper we use a VAR approach to study the role of monetary policy in
house price fluctuations in three European countries (Finland, Sweden and UK) characterised by major
episodes of financial liberalisation over the last twenty years. Our findings are in general consistent with
the idea that the response of house prices to monetary shocks is bigger and more persistent in periods
characterised by more liberalised financial markets.
Keywords: House prices, monetary policy, financial liberalisation.
..............................

上一篇：金鹰成份股优选证券投资基金更新的招募说

下一篇：金融证券业咨询服务金融证券业咨询服务介

投资品专场申银万国.pdf42

有限理性投资者的投资偏差论述(pdf 14页)

中国货币政策的中介目标（PPT 60）

企业会计准则之长期股权投资(doc 7页)

我国汽车保险的发展进程(DOC 7)

零售业年度投资策略(pdf 7页)