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The Australian residential property market and monetary policy: a SVAR approach

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posted on 28.03.2022, 01:59 authored by Shayla Khan
Using 1992Q1-2014Q4 housing market, monetary policy and macroeconomic data for the Australian economy, this study investigates the dynamic impact of monetary policy on the Australian housing market. Considering number of purchased residential properties, dwelling investment and real estate prices as housing sector variables, the main objective of this study is to identify how households' or investors' purchasing decisions for residential properties and dwelling investment on new constructions and renovation of residential properties are influenced by the monetary policy shock, exchange rate and real estate prices shocks. To achieve the research goal, a seven-variable SVAR model is developed for the Australian housing market and the empirical findings of this study suggest that purchasing residential properties and dwelling investment are significantly and consistently influenced by the monetary policy shock but dynamic effect of exchange rate shocks on the number of purchased residential properties is insignificant. The interrelationship between monetary policy rate and purchasing residential properties is also acknowledged in this study.

History

Table of Contents

Chapter 1. Introduction -- Chapter 2. Literature review -- Chapter 3. Data and variables -- Chapter 4. Econometric model -- Chapter 5. Methodology and estimation -- Chapter 6. Results -- Chapter 7. Conclusion.

Notes

Bibliography: pages 48-52 Empirical thesis.

Awarding Institution

Macquarie University

Degree Type

Thesis MRes

Degree

MRes, Macquarie University, Faculty of Business and Economics, Department of Economics

Department, Centre or School

Department of Economics

Year of Award

2015

Principal Supervisor

Wylie Bradford

Additional Supervisor 1

Natalia Ponomareva

Rights

Copyright Shayla Khan 2015. Copyright disclaimer: http://www.copyright.mq.edu.au

Language

English

Jurisdiction

Australia

Extent

1 online resource (vi, 61 pages)

Former Identifiers

mq:45127 http://hdl.handle.net/1959.14/1075072