monetary policy , regional heterogeneity , house price expectations
Abstract:
Monetary policy plays a central role in stabilizing inflation, mitigating business cycle fluctuations, and responding to financial crises. Its effectiveness derives from the broad influence of nominal interest rates on aggregate economic activity. However, different regions within a country or currency union may react differently to the same monetary policy impulse due to regional heterogeneities. A strong form of regional heterogeneities can be found in housing markets. Furthermore, it is well known that expectations about asset prices, and house
prices in particular, violate the rational expectations hypothesis. Instead, a large empirical literature has documented that asset price expectations. experience extrapolative dynamics. In this thesis, I make progress in understanding the transmission and conduct of monetary policy in the presence of regional heterogeneities and extrapolative house price expectations.
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