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Central Bank Communication and House Price Expectations / Carola Binder, Pei Kuang, Li Tang.
- Format:
- Book
- Author/Creator:
- Binder, Carola Conces.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w31232.
- NBER working paper series no. w31232
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2023.
- Summary:
- 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.
- Notes:
- Print version record
- May 2023.
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