McMeechan, Shane Adam

Shane McMeechan
Start date:
October 2012
Research Topic:
Monetary Policy and Housing: Transmission Effects and Policy Implications.
Research pathway:
Research Supervisor:
Dr Tapas Mishra, Dr Joshy Eashaw
Supervising school:
School of Management,
Primary funding source:
ESRC Studentship

I intend to provide new insights into the channels that policy interest rates affect spending on housing. I postulate that changes in monetary policy have had a large impact on mortgage refinancing in many developed countries over the last twenty years. This in turn affected the value of securitised mortgage products, which became a significant source of funding for mortgage lending. I plan to use special VAR simulations to show how variables such as mortgage refinancing, securitisation issuance and residential investment respond to a one-standard deviation shock to policy interest rates set by central banks.