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Measuring the Impact of ECB policy on Spanish Home Prices

40 mins.
08 JULY, 2020
BCE fondo
Leopoldo Torralba null
Ignacio de la Torre null
Macro Spain Monetary Policy Real Estate Spain AER Global AER Personal
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While it is true that the Spanish residential real estate sector and house prices are highly dependent, in the short term, on economic factors such as employment and wages and on the level of supply, they are to a large extent contingent on monetary policy. Since regulators are pushing a breadth of monetary measures never seen before, it is increasingly important to understand their potential impacts in order to anticipate the evolution of house prices going forward.
What have been the real effects of monetary policy on property prices in Spain historically?
What are the impacts of unconventional expansionary policies developed by the ECB in the past?
Taking into account the current and future exceptional monetary policies of the European banking regulator, what could happen to house prices in Spain?

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