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A Housing Portfolio Channel of QE Transmission / Dominik Boddin, Daniel Marcel te Kaat, Chang Ma, Alessandro Rebucci.
- Format:
- Book
- Author/Creator:
- Boddin, Dominik.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w32211.
- NBER working paper series no. w32211
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2024.
- Summary:
- 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.
- Notes:
- Print version record
- March 2024.
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