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    Efectos de mecanismos institucionales en el precio de la vivienda nueva en Medellín
    (Universidad EAFIT, 2017-03-01) García, John Jairo; Cossio, Daniel; Mesa, Ricardo; jgarcia@eafit.edu.co; dcossio2@eafit.edu.co; rmesaur@eafit.edu.co
    We investigate the mechanisms by which public policy affects the price of new housing in Medellin, Colombia. Using a vector autoregressive structural model we show that shocks to the real cost of credit (UVR) have a highly elastic, short-run negative effect on therealpriceofhousingpersquaremeter. Further,usingasystemofequationsestimated using seemingly unrelated regression (SUR) and three-stage OLS regression, we show that a reduction in the mortgage rate [via subsidies through the Reserve Fund for Stabilization of the Mortgage Portfolio (FRECH)] has a positive impact on the demand for housing, which generates upward pressure on the price of new housing. Through these mechanisms public policy plays a fundamental role in the dynamics of the construction sector.