Monetary Policy, Housing Rents, and Inflation Dynamics

货币政策、房屋租金和通胀动态

2019/05/09 03:21
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对照中文英文原文
货币政策冲击对房屋租金的影响。

Abstract: In this paper we study the effect of monetary policy shocks on housing rents. Our main finding is that, in contrast to house prices, housing rents increase in response to contractionary monetary policy shocks. We also find that, after a contractionary monetary policy shock, rental vacancies and the homeownership rate decline. This combination of results suggests that monetary policy may affect housing tenure decisions (own versus rent). In addition, we show that, with the exception of the shelter component, all other main components of the consumer price index (CPI) either decline in response to a contractionary monetary policy shock or are not responsive. These findings motivated us to study the statistical properties of alternative measures of inflation that exclude the shelter component. We find that measures of inflation that exclude shelter have most of the statistical properties of the widely used measures of inflation, such as the CPI and the price index for personal consumption expenditures (PCE), but have higher standard deviations and react more to monetary policy shocks. Finally, we show that the response of housing rents accounts for a large proportion of the "price puzzle" found in the literature.

摘要:本文研究了货币政策冲击对住房租金的影响。我们的主要发现是,与房价形成对比的是,住房租金上涨是对紧缩货币政策冲击的反应。我们还发现,经过紧缩的货币政策冲击,租房空置率和房屋自有率下降。这些结果表明,货币政策可能会影响住房保有权的决定(自有房与租房)。此外,我们还表明,除住房因素外,消费者价格指数(CPI)的所有其他主要因素要么是对紧缩货币政策冲击的反应而下降,要么是没有反应。这些发现促使我们研究不包括住房在内的其他通货膨胀措施的统计特性。我们发现,不包括住房在内的通胀指标具有广泛使用的通胀指标(如CPI和个人消费支出价格指数(PCE))的大部分统计特性,但标准差更高,对货币政策冲击的反应更大。最后,我们发现,在文献中发现的“价格之谜”中,房屋租金的反应占了很大的比例。

Keywords: Monetary policy; Housing rents; Inflation dynamics; "Price puzzle"; Housing tenure.

关键词:货币政策;住房租金;通货膨胀动力学;“价格难题”;住房任期。

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