Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/229624
Authors: 
Hülsewig, Oliver
Rottmann, Horst
Year of Publication: 
2021
Series/Report no.: 
Weidener Diskussionspapiere No. 80
Abstract: 
This paper examines the reaction of house prices in a panel of euro area countries to monetary policy surprises over the period 2010-2019. Using Jordà's (2005) local projection method, we find that house prices rise in response to expansionary monetary policy shocks that can be related to unconventional monetary policy measures. Thus, monetary policy should take into account the risk of house price fluctuations when implementing new large scale policy interventions.
Subjects: 
House price fluctuations
unconventional monetary policy
local projection method
JEL: 
E52
E58
E32
G21
ISBN: 
978-3-937804-82-8
Document Type: 
Working Paper

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