[雙語翻譯]--房地產(chǎn)外文翻譯--貨幣政策與房地產(chǎn)價格（英文）

1、ORIGINAL PAPERMonetary policy and real estate prices: a disaggregated analysis for SwitzerlandMichael Berlemann Assenmacher-Wesche and Gerlach 2010 or Goodhart and Hofmann 2008), to the best of our knowledge no study ha

2、s yet focused exclusively on Switzerland. The paper is structured as follows: The second section reviews the already existing empirical literature on the effects of monetary policy on stock and real estate markets. Secti

3、ons 3 and 4 deliver brief descriptions of Switzerland’s real estate market and Swiss National Bank’s monetary policy. After presenting the employed dataset and the estimation approach in section 5 we present the benchmar

4、k model including an aggregate measure of the Swiss real estate market in section 6. Section 7 delivers a disaggregated analysis of five real estate sub-segments in a joint VAR estimation while section 8 delivers some ro

5、bustness tests. As usual, the paper closes with a summary of the main findings and some conclusions.2 Brief review of the empirical literatureThe empirical literature on the influence of monetary policy on asset prices h

6、as grown significantly over the last decade. From a methodological point of view, this literature is dominated by vector-autoregressive models studying the interaction of indicators of the current stance of monetary poli

7、cy, various macroeconomic variables (e.g. infla- tion, output or unemployment) and asset prices. The predominance of the VAR approach might be attributed to the fact that VARs are capable of dealing with possible endogen

8、eity problems in an adequate way (Dreger and Wolters 2009a). The empirical literature tackles the question in how far monetary policy has an influence on asset prices in two different ways. A first strand of the literatu

9、re studies in how far aggregate liquidity affects asset prices (see e.g. Baks and Kramer 1999; Rüffer and Stracca 2006; Greiber and Setzer 2007; Roffia and Zaghini 2007; Adalid and Detken 2007; Giese and Tuxen 2007;