Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/210054 
Authors: 
Year of Publication: 
2014
Series/Report no.: 
Working Paper No. 05/2014
Publisher: 
Norges Bank, Oslo
Abstract: 
This paper investigates the responses of house prices and household credit to monetary policy shocks in Norway, using Bayesian structural VAR models. I find that the effect of a monetary policy shock on house prices is large, while the effect on household credit is muted. This is consistent with a relatively small refinancing rate of the mortgage stock each quarter. Using monetary policy to guard against - financial instability by mitigating property-price movements may prove effective, but trying to mitigate household credit may prove costly in terms of GDP and inflation variation.
Subjects: 
structural VAR
house prices
credit
monetary policy
JEL: 
E32
E37
E44
E52
Persistent Identifier of the first edition: 
ISBN: 
978-82-7553-804-6
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper
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