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Boddin, Dominik [Verfasser:in]; Kaat, Daniel Marcel te [Verfasser:in]; Ma, Chang [Verfasser:in]; Rebucci, Alessandro [Verfasser:in] ; National Bureau of Economic Research

A Housing Portfolio Channel of QE Transmission

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  • Medientyp: E-Book
  • Titel: A Housing Portfolio Channel of QE Transmission
  • Beteiligte: Boddin, Dominik [Verfasser:in]; Kaat, Daniel Marcel te [Verfasser:in]; Ma, Chang [Verfasser:in]; Rebucci, Alessandro [Verfasser:in]
  • Körperschaft: National Bureau of Economic Research
  • Erschienen: Cambridge, Mass: National Bureau of Economic Research, March 2024
  • Erschienen in: NBER working paper series ; no. w32211
  • Umfang: 1 Online-Ressource; illustrations (black and white)
  • Sprache: Englisch
  • Schlagwörter: Geldpolitische Transmission ; Quantitative Lockerung ; Anlageverhalten ; Wohnimmobilien ; Deutschland ; General ; Portfolio Choice; Investment Decisions ; Arbeitspapier ; Graue Literatur
  • Reproduktionsnotiz: Hardcopy version available to institutional subscribers
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  • Beschreibung: We document a housing portfolio channel of quantitative easing (QE) transmission exploiting variation in German household data in a difference-in-differences setting around QE adoption in 2015. We find that QE encourages households with larger initial bond positions to rebalance more toward second homes. Rebalancing is especially pronounced among higher-income and church-affiliated households with stronger tax incentives to purchase and rent out properties. We also show that, in regions more exposed to this channel, house prices increase more than rents, and sale listings decrease more than rental ones, suggesting that the rental supply may increase in response to QE