Fig. 4

Co-movement of real estate interest rates and the policy rate. Notes: Coefficients displayed within each panel are the results of a linear regression of interest rate representatives (vertical axis) on 3-month Libor rates (horizontal axis). The spread is defined according to Eq. (3.1), all the remaining interest rate representatives were taken from the SNB (data.snb.ch). Time series were averaged on a quarterly level. The represented time frame rages from 2005 Q1 to 2018 Q4 for Panel A, C, D, E, and from 2008 Q1 to 2018 Q4 for Panel B