Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/235415 
Year of Publication: 
2021
Series/Report no.: 
CESifo Working Paper No. 9045
Publisher: 
Center for Economic Studies and Ifo Institute (CESifo), Munich
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 real house prices rise in response to expansionary monetary policy shocks that can be related to unconventional policy measures. In the core countries including Ireland, we also find that lending for house purchases increases relative to nominal output. Thus, household debt rises.
Subjects: 
Euro area house prices
unconventional monetary policy
local projection method
JEL: 
E52
E58
E32
G21
Document Type: 
Working Paper
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