The thesis analyses the development of real estate prices in the context of monetary policy. The aim was to evaluate the impact of monetary policy on the price of real estate, or its development. The objective was achieved by a fundamental analysis in the first part of the thesis, which was subsequently confirmed by two ARDL models. The first model, augmented with an error correction model, indicated a long-run inverse relationship between the change in the interest rate and the change in the an... show full abstractThe thesis analyses the development of real estate prices in the context of monetary policy. The aim was to evaluate the impact of monetary policy on the price of real estate, or its development. The objective was achieved by a fundamental analysis in the first part of the thesis, which was subsequently confirmed by two ARDL models. The first model, augmented with an error correction model, indicated a long-run inverse relationship between the change in the interest rate and the change in the annual rate of change in the house price index, while the short-run effect of the interest rate change was positive. The second model uses a zero-order stationary series and confirms the negative effect of interest rate changes on the house price index in absolute values of index. The conclusion summarizes the results of econometric models and their consistency, or any inconsistency, with fundamental analysis. |