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How Do Climate Policies Affect Holdings of Green and Brown Firms' Securities? cnb.cz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnb.cz Daily Mail and Mail on Sunday newspapers.
What Do Economists Think About the Green Transition? Exploring the Impact of Environmental Awareness cnb.cz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnb.cz Daily Mail and Mail on Sunday newspapers.
Award for best CNB research publication in 2021 - Czech National Bank cnb.cz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnb.cz Daily Mail and Mail on Sunday newspapers.
The Effect of Monetary Policy on House Prices – How Strong is the Transmission? Dominika Ehrenbergerová, Josef Bajzík In the current long-lasting period of low interest rates and overheating housing markets, the discussion of the effect of monetary policy on house prices has arisen again. We examine the broad empirical literature on this topic. We collect 1,447 estimates of the effect of changes in short-term interest rates on house prices. These estimates come from 31 studies and are drawn from vector autoregression models. On average, an increase in the interest rate by one percentage point causes a median decrease in house prices of 0.7 percent for the one-year horizon and 0.9 percent for the two-year horizon. Moreover, we show that at the medium-term (monetary policy) horizon, the effect of monetary policy remains significant after correcting for the publication bias present in the literature. In addition, we collect more than 40 control variables. These capture, f ....
The Power of Sentiment: Irrational Beliefs of Households and Consumer Loan Dynamics Zuzana Rakovská, Dominika Ehrenbergerová, Martin Hodula We examine whether household sentiment can explain fluctuations in newly issued consumer loans. We construct a novel measure of household sentiment using detailed data from the harmonized consumer surveys conducted in European countries. We differentiate between rational sentiment, which mimics dynamics in macroeconomic fundamentals, and irrational sentiment, which proxies households’ optimism/pessimism on top of their rationally sourced beliefs. We show that shocks to the sentiment of households do have a measurable impact on growth of consumer loans. Specifically, we assert a significantly positive role of irrational sentiment on top of the economic fundamentals identified in the literature. Moreover, a closer examination reveals that the studied relationship is not symmetric over the business cycle – the effect of irrational s ....