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Kan husprisappreciering förstås genom lågräntepolitik?

Andreasson, Hannes LU (2011) NEKK01 20102
Department of Economics
Abstract (Swedish)
The aim of this essay is to examine whether house price appreciation can be understood as a result of low-interest policies. According to the Austrian theory of the business cycle, credit expansion triggered by expansive monetary policies causes disturbances and misallocations within the economy‟s productive structure, which effectively creates periods of booms and busts. This period of boom and bust is characterized by malinvestment and over-consumption. Following, the malinvestment causes prices to appreciate in the early stages of the productive stages. If the theory is valid, credit expansion should cause house price appreciation. The determinants of house prices was examined in four countries; United Kingdom, Japan, Sweden and the... (More)
The aim of this essay is to examine whether house price appreciation can be understood as a result of low-interest policies. According to the Austrian theory of the business cycle, credit expansion triggered by expansive monetary policies causes disturbances and misallocations within the economy‟s productive structure, which effectively creates periods of booms and busts. This period of boom and bust is characterized by malinvestment and over-consumption. Following, the malinvestment causes prices to appreciate in the early stages of the productive stages. If the theory is valid, credit expansion should cause house price appreciation. The determinants of house prices was examined in four countries; United Kingdom, Japan, Sweden and the United States, using an error correction model. The results show that monetary policy has a substantial effect on house price appreciation, which is in favor of the Austrian theory of the business cycle. (Less)
Please use this url to cite or link to this publication:
author
Andreasson, Hannes LU
supervisor
organization
course
NEKK01 20102
year
type
M2 - Bachelor Degree
subject
keywords
prisappreciering, huspriser, Economics, Error correction model, Austrian theory of the business cycle, Monetary influence on house prices, House prices, price appreciation, penningpolitiks inverkan på huspriser, österrikiska konjunkturcykelteorin, nationalekonomi
language
Swedish
id
1785595
date added to LUP
2011-02-15 13:33:34
date last changed
2011-02-15 13:33:34
@misc{1785595,
  abstract     = {{The aim of this essay is to examine whether house price appreciation can be understood as a result of low-interest policies. According to the Austrian theory of the business cycle, credit expansion triggered by expansive monetary policies causes disturbances and misallocations within the economy‟s productive structure, which effectively creates periods of booms and busts. This period of boom and bust is characterized by malinvestment and over-consumption. Following, the malinvestment causes prices to appreciate in the early stages of the productive stages. If the theory is valid, credit expansion should cause house price appreciation. The determinants of house prices was examined in four countries; United Kingdom, Japan, Sweden and the United States, using an error correction model. The results show that monetary policy has a substantial effect on house price appreciation, which is in favor of the Austrian theory of the business cycle.}},
  author       = {{Andreasson, Hannes}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Kan husprisappreciering förstås genom lågräntepolitik?}},
  year         = {{2011}},
}