TY  - UNPD
A1  - Koeniger, Winfried
A1  - Ramelet, Marc-Antoine
T1  - Home ownership and monetary policy transmission
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 615
N2  - We present empirical evidence on the heterogeneity in monetary policy transmission across countries with different home ownership rates. We use household-level data together with shocks to the policy rate identified from high-frequency data. We find that housing tenure reacts more strongly to unexpected changes in the policy rate in Germany and Switzerland –the OECD countries with the lowest home ownership rates– compared with existing evidence for the U.S. An unexpected decrease in the policy rate by 25 basis points increases the home ownership rate by 0.8 percentage points in Germany and by 0.6 percentage points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and mortgagors, and has a different pattern across age groups than in the U.S. We discuss economic explanations for these findings and implications for monetary policy.
T3  - CFS working paper series - 615 
KW  - Monetary policy transmission
KW  - Home ownership
KW  - Housing tenure
KW  - Consumption
Y1  - 2018
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/48052
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-480529
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3289948
IS  - November 7, 2018
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -