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Impacts of monetary policies on housing affordability in Australia

Liu, Junxiao and Liu, Chunlu 2010, Impacts of monetary policies on housing affordability in Australia, in AUBEA 2010 : Construction Management(s) : Proceedings of the 35th Australasian Universities Building Education Association annual conference, AUBEA, Melbourne, Vic., pp. A040 – 1-A040 – 14.

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Title Impacts of monetary policies on housing affordability in Australia
Author(s) Liu, Junxiao
Liu, ChunluORCID iD for Liu, Chunlu orcid.org/0000-0003-1144-4355
Conference name Australasian Universities Building Education Association. Conference (35th : 2010 : Melbourne, Vic)
Conference location Melbourne, Vic.
Conference dates 14-16 Jul. 2010
Title of proceedings AUBEA 2010 : Construction Management(s) : Proceedings of the 35th Australasian Universities Building Education Association annual conference
Editor(s) [unknown]
Publication date 2010
Conference series Australasian Universities Building Education Association Conference
Start page A040 – 1
End page A040 – 14
Total pages 14
Publisher AUBEA
Place of publication Melbourne, Vic.
Keyword(s) money supply
interest rates
housing affordability
structural VAR
Summary Housing affordability has become a major policy issue in many countries across the world since the rapid inflation of house prices. This paper empirically investigates how monetary policies affect housing affordability in Australia from 1998 to 2009. Three primary variables associated with the housing sector and monetary policy, which are money supply, interest rates and house prices, are studied for all eight capital cities in Australia in this research. Shocks of such variables are identified by a structural vector autoregression (SVAR) model with restrictions that are consistent with economic theoretical framework. Based upon the analysis using the structural decomposition of impulse response on quarterly data, it can be discovered that the monetary policy plays an active role in housing affordability via adjustments of money supply and interest rates during the observed period in Australia. The empirical results from this research may be used for decision makers to determine money supply and interest rates from the perspective of housing affordability.
Notes
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Language eng
Field of Research 120503 Housing Markets, Development, Management
Socio Economic Objective 879999 Construction not elsewhere classified
HERDC Research category E1 Full written paper - refereed
HERDC collection year 2010
Copyright notice ©2010, AUBEA
Free to Read? Yes
Persistent URL http://hdl.handle.net/10536/DRO/DU:30033316

Document type: Conference Paper
Collections: School of Architecture and Built Environment
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Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.