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Economic impact of monetary policy: Focus on real estate sector in Italy
Author(s) -
Ahmed Irfan,
Socci Claudio,
Medabesh Ali,
Severini Francesca,
Zotti Jacopo
Publication year - 2021
Publication title -
international journal of finance and economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.505
H-Index - 39
eISSN - 1099-1158
pISSN - 1076-9307
DOI - 10.1002/ijfe.1848
Subject(s) - economics , real estate , nexus (standard) , social accounting matrix , monetary policy , financial intermediary , computable general equilibrium , financial sector , intermediation , value (mathematics) , general equilibrium theory , real economy , macroeconomics , monetary economics , finance , machine learning , computer science , embedded system
This study investigates the nexus between financial market and real estate (RE) sector against the backdrop of ECB's unconventional monetary policy. A financial dynamic computable general equilibrium (DCGE) model is calibrated on the financial social accounting matrix (FSAM) of Italian economy. The findings confirm that the inclusion of financial intermediation into real economy affects the real estate sector's output, value added, and pricing.