Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/81930 
Year of Publication: 
2007
Series/Report no.: 
Sveriges Riksbank Working Paper Series No. 217
Publisher: 
Sveriges Riksbank, Stockholm
Abstract: 
The substantial fluctuations in house prices recently experienced by many industrialized economies have stimulated a vivid debate on the possible implications for monetary policy. In this paper, we ask whether the U.S. Fed, the Bank of Japan and the Bank of England have reacted to house prices. We study the responses of these central banks by estimating a structural model for each country where credit constrained agents borrow against real estate. The main result is that house price movements did play a separate role in the U.S., U.K.. and Japanese central bank reaction functions.
Subjects: 
House prices
monetary policy
DSGE models
Bayesian estimation
JEL: 
E31
E44
E52
E58
Document Type: 
Working Paper

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