THE INTERACTION BETWEEN MONETARY POLICY AND HOUSING PRICES: EVIDENCES FOR THE BRAZILIAN CASE

Detalhes bibliográficos
Autor(a) principal: Besarria, Cássio Nóbrega
Data de Publicação: 2018
Outros Autores: Nobrega, Wellington Charles Lacerda, Galdino, José Danilo Bezerra, Araujo, Ewerton Felipe de Melo
Tipo de documento: Artigo
Idioma: por
Título da fonte: Análise Econômica (Online)
Texto Completo: https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/63200
Resumo: This research has the purpose to estimate the degree of interrelationship between housing prices and monetary policy decisions in Brazil. This relationship was obtained through a signal restricted SVAR model for quarterly data sample for the periods between 2001 and 2014. The results demonstrated that inflation, consumption, real GDP of the economy and housing prices responds negatively to a restrictive monetary shock. A shock in housing prices promoted a positive wealth effect, positively affecting consumption and GDP. In other hand, the increase in housing prices affected negatively inflation in the firsts three quarters, soon after, the economy’s general price level rose again, getting above the initial level. This effect on inflation made the interest rate to follow the behavior described by this indicator and initially responded negatively to a rising in housing prices, increasing from the third quarter.
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spelling THE INTERACTION BETWEEN MONETARY POLICY AND HOUSING PRICES: EVIDENCES FOR THE BRAZILIAN CASEINTERAÇÃO ENTRE A POLÍTICA MONETÁRIA E OS PREÇOS DAS HABITAÇÕES: EVIDÊNCIAS PARA O CASO BRASILEIROPolítica monetáriaMercado habitacionalSVARC11E52G12Monetary policy. Housing market. SVARC11E52G12This research has the purpose to estimate the degree of interrelationship between housing prices and monetary policy decisions in Brazil. This relationship was obtained through a signal restricted SVAR model for quarterly data sample for the periods between 2001 and 2014. The results demonstrated that inflation, consumption, real GDP of the economy and housing prices responds negatively to a restrictive monetary shock. A shock in housing prices promoted a positive wealth effect, positively affecting consumption and GDP. In other hand, the increase in housing prices affected negatively inflation in the firsts three quarters, soon after, the economy’s general price level rose again, getting above the initial level. This effect on inflation made the interest rate to follow the behavior described by this indicator and initially responded negatively to a rising in housing prices, increasing from the third quarter.Esta pesquisa tem o propósito de analisar o grau de interdependência entre os preços habitacionais e as decisões de política monetária no Brasil. Essa relação é analisada a partir do modelo SVAR com restrições de sinais, no período de 2001 a 2014. Os resultados mostram que a inflação, o consumo, o produto real da economia e os preços das habitações respondem negativamente ao choque monetário contracionista. Já o choque nos preços das habitações promove um efeito riqueza positivo, afetando positivamente o consumo e o PIB. Por outro lado, o aumento nos preços das habitações afeta negativamente a inflação nos três primeiros trimestres; logo após, o nível geral de preços da economia volta a subir, ficando acima do patamar inicial. Esse efeito sobre a inflação faz com que a taxa de juros acompanhe o comportamento descrito por esse indicador e responda inicialmente de forma negativa ao aumento nos preços das habitações, aumentando a partir do terceiro trimestre.UFRGS2018-07-10info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/6320010.22456/2176-5456.63200Análise Econômica; Vol. 36 No. 70 (2018): junho de 2018Análise Econômica; v. 36 n. 70 (2018): junho de 20182176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/63200/48811Copyright (c) 2019 Análise Econômicainfo:eu-repo/semantics/openAccessBesarria, Cássio NóbregaNobrega, Wellington Charles LacerdaGaldino, José Danilo BezerraAraujo, Ewerton Felipe de Melo2018-07-11T22:56:25Zoai:seer.ufrgs.br:article/63200Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2018-07-11T22:56:25Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv THE INTERACTION BETWEEN MONETARY POLICY AND HOUSING PRICES: EVIDENCES FOR THE BRAZILIAN CASE
INTERAÇÃO ENTRE A POLÍTICA MONETÁRIA E OS PREÇOS DAS HABITAÇÕES: EVIDÊNCIAS PARA O CASO BRASILEIRO
title THE INTERACTION BETWEEN MONETARY POLICY AND HOUSING PRICES: EVIDENCES FOR THE BRAZILIAN CASE
spellingShingle THE INTERACTION BETWEEN MONETARY POLICY AND HOUSING PRICES: EVIDENCES FOR THE BRAZILIAN CASE
Besarria, Cássio Nóbrega
Política monetária
Mercado habitacional
SVAR
C11
E52
G12
Monetary policy. Housing market. SVAR
C11
E52
G12
title_short THE INTERACTION BETWEEN MONETARY POLICY AND HOUSING PRICES: EVIDENCES FOR THE BRAZILIAN CASE
title_full THE INTERACTION BETWEEN MONETARY POLICY AND HOUSING PRICES: EVIDENCES FOR THE BRAZILIAN CASE
title_fullStr THE INTERACTION BETWEEN MONETARY POLICY AND HOUSING PRICES: EVIDENCES FOR THE BRAZILIAN CASE
title_full_unstemmed THE INTERACTION BETWEEN MONETARY POLICY AND HOUSING PRICES: EVIDENCES FOR THE BRAZILIAN CASE
title_sort THE INTERACTION BETWEEN MONETARY POLICY AND HOUSING PRICES: EVIDENCES FOR THE BRAZILIAN CASE
author Besarria, Cássio Nóbrega
author_facet Besarria, Cássio Nóbrega
Nobrega, Wellington Charles Lacerda
Galdino, José Danilo Bezerra
Araujo, Ewerton Felipe de Melo
author_role author
author2 Nobrega, Wellington Charles Lacerda
Galdino, José Danilo Bezerra
Araujo, Ewerton Felipe de Melo
author2_role author
author
author
dc.contributor.author.fl_str_mv Besarria, Cássio Nóbrega
Nobrega, Wellington Charles Lacerda
Galdino, José Danilo Bezerra
Araujo, Ewerton Felipe de Melo
dc.subject.por.fl_str_mv Política monetária
Mercado habitacional
SVAR
C11
E52
G12
Monetary policy. Housing market. SVAR
C11
E52
G12
topic Política monetária
Mercado habitacional
SVAR
C11
E52
G12
Monetary policy. Housing market. SVAR
C11
E52
G12
description This research has the purpose to estimate the degree of interrelationship between housing prices and monetary policy decisions in Brazil. This relationship was obtained through a signal restricted SVAR model for quarterly data sample for the periods between 2001 and 2014. The results demonstrated that inflation, consumption, real GDP of the economy and housing prices responds negatively to a restrictive monetary shock. A shock in housing prices promoted a positive wealth effect, positively affecting consumption and GDP. In other hand, the increase in housing prices affected negatively inflation in the firsts three quarters, soon after, the economy’s general price level rose again, getting above the initial level. This effect on inflation made the interest rate to follow the behavior described by this indicator and initially responded negatively to a rising in housing prices, increasing from the third quarter.
publishDate 2018
dc.date.none.fl_str_mv 2018-07-10
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/63200
10.22456/2176-5456.63200
url https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/63200
identifier_str_mv 10.22456/2176-5456.63200
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/63200/48811
dc.rights.driver.fl_str_mv Copyright (c) 2019 Análise Econômica
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2019 Análise Econômica
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv Análise Econômica; Vol. 36 No. 70 (2018): junho de 2018
Análise Econômica; v. 36 n. 70 (2018): junho de 2018
2176-5456
0102-9924
reponame:Análise Econômica (Online)
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str Análise Econômica (Online)
collection Análise Econômica (Online)
repository.name.fl_str_mv Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv ||rae@ufrgs.br
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