The regional impact of monetary policy on house prices
by Larry Allen; George N. Kenyon; Vivek S. Natarajan
International Journal of Business Innovation and Research (IJBIR), Vol. 6, No. 4, 2012

Abstract: This paper examines how house prices respond to monetary policy in the nine census regions of the USA. A polynomial distributed lag regression model is estimated for each region. The dependent variable in each equation includes growth for the index of regional house prices. The independent variables include: (1) growth for an index of national house prices; (2) difference between the regional unemployment rate and the national unemployment; (3) the growth in M2. The money stock variable enters each equation as a polynomial distributed lag. Given this specification, regional house prices are positively correlated with money stock growth in some regions, and negatively correlated in others.

Online publication date: Fri, 12-Dec-2014

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