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Penningpolitikens påverkan på tillgångspriser

Thunegard, Maximilian LU (2025) NEKH03 20251
Department of Economics
Abstract
This thesis investigates how monetary policy measures affect asset prices in Sweden over the period 2001-2024. The aim is to analyze the relationship between monetary policy and the price development of three major asset classes – detached houses, tenant-owned apartments and equities – and to examine whether the effects vary between expansionary and contractionary policy regimes. The study employs two linear regression models estimated with quarterly data, incorporating both conventional policy tools (the policy interest rate) and unconventional measures (quantitative easing, QE).
The results show that monetary policy has a significant impact on asset prices, particularly within the housing market. For detached houses, interest rate hikes... (More)
This thesis investigates how monetary policy measures affect asset prices in Sweden over the period 2001-2024. The aim is to analyze the relationship between monetary policy and the price development of three major asset classes – detached houses, tenant-owned apartments and equities – and to examine whether the effects vary between expansionary and contractionary policy regimes. The study employs two linear regression models estimated with quarterly data, incorporating both conventional policy tools (the policy interest rate) and unconventional measures (quantitative easing, QE).
The results show that monetary policy has a significant impact on asset prices, particularly within the housing market. For detached houses, interest rate hikes have a negative and delayed effect, while quantitative easing has a positive effect with a time lag. For tenant-owned apartments, QE is also found to have a positive influence, whereas the interest rate shows no statistically significant impact. Equity prices, on the other hand, do not respond significantly to changes in the policy rate but are unexpectedly negatively affected by QE – a result that may reflect the timing of QE interventions during periods of financial uncertainty.
Furthermore, the results provide some evidence of asymmetry: interest rate changes during contractionary regimes have stronger effects on equity prices than in expansionary ones. Overall, the findings support the hypotheses that monetary policy influences asset prices, that effects differ across policy regimes, and that asset classes respond heterogeneously. These results highlight the importance of considering asset price dynamics when evaluating the broader effects of monetary policy. (Less)
Please use this url to cite or link to this publication:
author
Thunegard, Maximilian LU
supervisor
organization
course
NEKH03 20251
year
type
M2 - Bachelor Degree
subject
keywords
Monetary policy, asset prices, housing market, policy regimes
language
Swedish
id
9192876
date added to LUP
2025-09-12 09:20:47
date last changed
2025-09-12 09:20:47
@misc{9192876,
  abstract     = {{This thesis investigates how monetary policy measures affect asset prices in Sweden over the period 2001-2024. The aim is to analyze the relationship between monetary policy and the price development of three major asset classes – detached houses, tenant-owned apartments and equities – and to examine whether the effects vary between expansionary and contractionary policy regimes. The study employs two linear regression models estimated with quarterly data, incorporating both conventional policy tools (the policy interest rate) and unconventional measures (quantitative easing, QE).
The results show that monetary policy has a significant impact on asset prices, particularly within the housing market. For detached houses, interest rate hikes have a negative and delayed effect, while quantitative easing has a positive effect with a time lag. For tenant-owned apartments, QE is also found to have a positive influence, whereas the interest rate shows no statistically significant impact. Equity prices, on the other hand, do not respond significantly to changes in the policy rate but are unexpectedly negatively affected by QE – a result that may reflect the timing of QE interventions during periods of financial uncertainty.
Furthermore, the results provide some evidence of asymmetry: interest rate changes during contractionary regimes have stronger effects on equity prices than in expansionary ones. Overall, the findings support the hypotheses that monetary policy influences asset prices, that effects differ across policy regimes, and that asset classes respond heterogeneously. These results highlight the importance of considering asset price dynamics when evaluating the broader effects of monetary policy.}},
  author       = {{Thunegard, Maximilian}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Penningpolitikens påverkan på tillgångspriser}},
  year         = {{2025}},
}