caa a22 4500 445316411 CHVBK 20180317142648.0 cr unu---uuuuu 170323e20111101xx s 000 0 eng 10.1007/s11146-009-9215-x doi (NATIONALLICENCE)springer-10.1007/s11146-009-9215-x U.S. Monetary Policy Surprises and International Securitized Real Estate Markets [Elektronische Daten] [Pisun Xu, Jian Yang] This paper examines the impact of U.S. monetary policy surprises on securitized real estate markets in 18 countries. The policy surprises are measured by both the surprise changes to the target federal funds rate (the target factor) and surprises in the future direction of the Federal Reserve monetary policy (the path factor). The results show that most international securitized real estate markets have significantly positive responses to surprise decrease in current or future expected federal funds rates, though such responses vary greatly across countries. Also, while the U.S. securitized real estate market reacts mainly to the target factor, foreign securitized real estate markets react to the path factor. Furthermore, we find that the cross-country variation in the response to the target factor is correlated with the country's exchange rate regime and its degree of real economic and particularly financial integration, while the cross-country variation in the response to the path factor is mainly related to the country's degree of financial integration. Springer Science+Business Media, LLC, 2009 Monetary policy nationallicence FOMC statements nationallicence Asymmetry nationallicence Securitized real estate markets nationallicence Two-factor empirical specification nationallicence Xu Pisun Reiman School of Finance, University of Denver, 80208-8951, Denver, CO, USA aut Yang Jian The Business School, University of Colorado Denver, P.O. Box 173364, 80217-3364, Denver, CO, USA aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/4(2011-11-01), 459-490 0895-5638 43:4<459 2011 43 11146 https://doi.org/10.1007/s11146-009-9215-x text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-009-9215-x text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Xu Pisun Reiman School of Finance, University of Denver, 80208-8951, Denver, CO, USA aut NATIONALLICENCE 700 1- Yang Jian The Business School, University of Colorado Denver, P.O. Box 173364, 80217-3364, Denver, CO, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/4(2011-11-01), 459-490 0895-5638 43:4<459 2011 43 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer