• Medientyp: E-Book
  • Titel: Central Bank Communication and House Price Expectations
  • Beteiligte: Binder, Carola Conces [VerfasserIn]; Kuang, Pei [VerfasserIn]; Tang, Li [VerfasserIn]
  • Körperschaft: National Bureau of Economic Research
  • Erschienen: Cambridge, Mass: National Bureau of Economic Research, May 2023
  • Erschienen in: NBER working paper series ; no. w31232
  • Umfang: 1 Online-Ressource; illustrations (black and white)
  • Sprache: Englisch
  • Schlagwörter: Erwartungsbildung ; Verbrauchereinstellung ; Immobilienpreis ; Geldpolitik ; Politische Kommunikation ; Hypothekenzins ; USA ; General ; Price Level; Inflation; Deflation ; Monetary Policy ; Macro-Based Behavioral Economics ; Arbeitspapier ; Graue Literatur
  • Reproduktionsnotiz: Hardcopy version available to institutional subscribers
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  • Beschreibung: We study how US consumers' house price expectations respond to verbal and non-verbal communication about interest rate changes using several large online surveys. Verbal communication about interest rate hikes leads to little response of average house price expectations but large heterogeneity among household groups. Communication about rate hikes combined with a simple explanation of the mortgage rate channel causes large downward revisions to house price expectations. Consumers interpret heterogeneously Chair Powell's voice tone and body language at the press conference which significantly influence their house price expectations. More negative evaluations are associated with larger upward revisions to house price expectations