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A Multiequation Model of Land Prices and Inflation
b The Role of Monetary Factors in Land Price Inflation
adjustments asset markets asset price cycle asset price inflation balance sheets call money rate coefficient of determination concentrated in asset Consumer price equation consumer price index consumer price inflation credit shock equation First period estimated land price examined explanatory variables financial aggregate GDP deflator I I I I I I I I I I I I I I I I I I I I I IMF staff calculations important impulse response functions inflationary pressures innovations Interest Rate Lag Length lagged dependent variable lagged values Land Price Consumer Land price equation land price inflation liberalized regime Likelihood Ratio Tests macroeconomic macroeconomic policies model estimated monetary aggregate monetary factors monetary policy parameters are estimated Phillips-Perron test Predicted price and consumer Price Consumer Prices price inflation equation real estate regime switch regulated regime Schinasi Simulations Using Two-Equation stock price structural break structural changes total private credit Two-Equation Subsystem variance decompositions variation in land