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- W4384158441 abstract "This paper employs Jorda’s (2005) local projection (LP) methodology to assess the impact of macroeconomic policies on apartment prices pre-and post-COVID-19. It contemplates the economic linkages to estimate the multiplier effects of the monetary and fiscal shocks as they are transmitted to the apartment prices through the so-called COVID proxies. This paper introduces a reduced number of economic proxies that substantially explain the impact of the COVID-19 pandemic on aggregate production in South Korea: unemployment; oil prices; uncertainties. I use these COVID proxies that are exogenously given, as a set of channels through which the transmission paths of the macroeconomic policies linked towards the apartment prices are misaligned with the desired paths. The LP model provides a reasonably good explanation to the varying effects of financial shocks pre-and post-COVID-19 by predicting the state-dependent impulse responses. The impulse responses suggest that the monetary multipliers on apartment prices are larger and more significant during the COVID-19 crisis than during normal times, while it is vice versa in terms of fiscal multipliers." @default.
- W4384158441 created "2023-07-14" @default.
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- W4384158441 date "2023-06-01" @default.
- W4384158441 modified "2023-09-29" @default.
- W4384158441 title "Stabilizer or multiplier: The manifestation of theoretical policy effect on the house prices" @default.
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- W4384158441 doi "https://doi.org/10.38100/jhuf.2022.8.1.33" @default.
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