This paper assesses the macroeconomic effects of unconventional monetary policies by
estimating a panel vector autoregression (VAR) with monthly data from eight advanced …

House prices in many advanced countries have moved in tandem during the past decade.
They first increased unusually rapidly prior to the global financial crisis, reaching in some …

We use a panel VAR to study the effect of shocks to capital inflows, which are identified
using sign restrictions, on the housing market in OECD countries. To explore how effects of …

What caused the housing boom of the 2000s? A number of researchers have suggested that
loose monetary policy during the first half of the 2000s was a primary cause of the …

We examine the role of monetary policy in the housing bubble. Our review examines the
setting of monetary policy in the middle of this decade, the impetus from monetary policy to …

A number of OECD countries experienced an environment of low interest rates and a rapid
increase in housing market activity during the last decade. Previous work suggests three …

The theoretical and empirical literatures on monetary policy and real estate prices are
rapidly evolving. There is considerable debate about whether monetary policy should play a …

There is considerable evidence that boom and bust cycles in real estate are the primary
cause of financial crises. This paper develops a model of real estate pricing based on …

Several central banks have leaned against the wind in the housing market by increasing the
policy rate preemptively to prevent a bubble. Yet the empirical literature provides mixed …

This paper studies the implications of cross-country housing-market heterogeneity in a
monetary union for both shock transmission and welfare. I develop a two-country new …